During an Instagram Live session with three-time major champion Stan Wawrinka on Saturday, Djokovic described what he called "a long conversation" with Federer and Nadal about "how we can contribute and how we can help lower-ranked guys who obviously are struggling the most."
Djokovic talked about trying to amass somewhere around $3 million to $4.5 million to distribute, perhaps to players ranked around 200 or 250 to around 700.
He said the ATP and "most likely" the Grand Slam tournaments would be involved.
Djokovic also said there would be a system devised to determine which players were most in need of the cash.
The men's and women's professional circuits have been shut down for more than a month because of the coronavirus outbreak and are suspended at least until mid-July.