The decisions reflect a growing cooperation between the men's and women's tours and the ITF which have moved towards streamlining the governance of the game since the COVID crisis disrupted the 2020 season.
The ATP, however, said there was no change with respect to rankings points at the Davis Cup. Ranking points were awarded from 2009 to 2015 before it was discontinued.
The ITF said ranking points could be considered in the future and the matter has been discussed with the ATP. Davis Cup players are selected by the national team captains and not based on ranking points.
"Our focus is always on creating the best possible experiences for our fans and players," ATP chairman Andrea Gaudenzi said in a statement.
"Delivering compelling international team competitions that dovetail with the year-round calendar and continue to innovate is a vital part of that.
"The Davis Cup has an incredibly rich history and we're excited to see this important new alliance drive the event forward from 2023."
The move came after the announcement last week that the ATP Cup, a joint venture between Tennis Australia and the ATP, was being replaced by a mixed-sex $15 million event featuring teams from 18 nations to kick off the 2023 season.
This year's Davis Cup Finals involved 16 nations competing in four groups across Bologna, Glasgow, Hamburg, and Valencia.
The knockout stages will be held in November in Malaga.
The event, which was started in 1900, was revamped from a traditional "home and away tie" format three years ago after the ITF did a lucrative deal with Spanish investment group Kosmos.
The ATP Cup, which was viewed as a rival to that tournament, ran for three years with big prize money and high-profile names but failed to attract crowds and struggled with logistical challenges during the COVID crisis.
ITF President David Haggerty said the alliance with the ATP would strengthen the importance of team competition and the Davis Cup's "unique role in elite men's professional tennis".
