The 39-year-old, who has already had two knee operations during 2020, lost to Poland’s Hubert Hurkacz in the quarter-finals at Wimbledon.

In a statement on Tuesday, July 13, he said his body is not in the right place for another Olympic medal bid.

He said “Due to the grass-court season, I, unfortunately, experienced a setback with my knee and have accepted that I must withdraw from the Tokyo Olympic Games,” Federer said on social media. I am greatly disappointed, as it has been an honour and highlight of my career each time I have represented Switzerland. I have already begun rehabilitation in the hopes of returning to the tour later this summer. I wish the entire Swiss team the best of luck and I will be rooting hard from afar. As always, Hopp Schwiz!”

Federer joins a number of other male players who will not be taking part in the event, which starts on Saturday, August 24 and will be played behind closed doors.

Juventus and Portugal striker Ronaldo earned $109m (£85.6m), with Paris Saint-Germain’s Neymar third with $105m (£82.5m). Mexican boxer Canelo Alvarez is fourth on the list with $94m (£73.8m), while Roger Federer was in fifth position on $93.4m (£73.3m).

Serena Williams is the only female athlete on the list.