The 33-year old Serbian is eager to win his 18th Grand Slam at the Flushing Meadows this year.
Meanwhile, Spain's Marcel Granollers has replaced France's Benoit Paire in the men's singles draw.
The Serbian world number one is eyeing his 18th Grand Slam title with the US Open starting on August 31.
The 33-year old Serbian is currently three short of Federer's 20-Grand Slam tally, and two short of Nadal's 19 major titles.
WTA world number one Ashleigh Barty, fifth-ranked Elina Svitolina, and number seven Kiki Bertens have already pulled out of the 2020 US Open.
Nadal is the latest high profile player to pull out of the Grand Slam event.
Whether they play the US Open remains to be seen.
The tennis season has been at a standstill since mid-March due to the virus outbreak worldwide.
Last week world number three Dominic Thiem said that the tournament was "on shaky legs."
Players will be undergoing daily temperature checks along with two COVID-19 tests every week during their stay in the USA
The announcement is likely to renew speculation about retirement for Federer.
Federer is the first tennis player to top the annual list of top earners.
The 38-year old Swiss star is running out of opportunities and his fans are unsure whether he will appear in Wimbledon again.
The cancellation of the oldest Grand Slam tournament leaves the season in disarray, with no tennis set to be played until mid-July.
The newly rescheduled French Open clashes with the timings of several ATP and WTA tournaments
The Serb is aiming to win his 17th Grand Slam title after he stormed into the final, where he will face either Thiem or Zverev
Either Thiem or Zverev will face Federer or Djokovic in the Australian Open 2020 Final
While Federer won their last clash at the ATP Finals in November, the Serb has a psychological edge at the Slams.
The 16-time Grand Slam winner is aiming to lift his 8th Australian Open title
The six-time champion's reward is a showdown against either long-time rival Novak Djokovic or big-serving Canadian Milos Raonic.
Krajinovic had just a little more than 24 hours to prepare for his match against Federer after his first-round encounter got delayed due to rain
John McEnroe would donate A$1,000 to the Australian bushfire relief fund for each set Kyrgios will win in the ongoing Australian Open