Gaudenzi, who won three ATP titles and reached a career-high ranking of 18, will begin a four-year-term in January.

Following his playing career, the 46-year-old has gained experience in sports marketing, entertainment, data, technology and media.

Most recently he was on the board of ATP Media, where he led the restructuring of the ATP Tour's broadcasting business.

"The ATP has played a central part in my life in so many ways, and to be given this opportunity to serve as ATP chairman is a true honour," Gaudenzi said.

"I look forward to overseeing the future direction of the Tour and building on the sport's global success and popularity at what is unquestionably one of the most exciting times in the history of men's professional tennis. 

"I'm very thankful for this opportunity and can't wait to get started in January."

Gaudenzi has a law degree from the University of Bologna and a Master of business administration from the International University of Monaco.

World number one and ATP Player Council President Novak Djokovic said: "On behalf of the players, I'd like to welcome Andrea as the next chairman of the ATP. 

"As a former player, he has walked in our shoes, and has also become a successful entrepreneur following his playing career. 

"He has all the qualities to lead the Tour and we look forward to working together for the benefit of the players and the sport more generally."

ATP Board player representative for Europe Alex Inglot added: "Andrea offers a compelling range of attributes and experiences inside and outside the sport that will position him very well as we seek to address the challenges and opportunities that lie ahead for our organisation. 

"The ATP Tour is a unique 50-50 partnership between players and tournaments, and Andrea's broad experience across both sides of our membership, as well as a proven track record away from tennis, were exactly what we were looking for as a Board."