Last month, the Serb ended a five-year partnership with coach Goran Ivanisevic.
The Italian world number two can come within touching distance of the top-ranked Djokovic in the standings should he triumph in Madrid this fortnight and he arrives in the Spanish capital brimming with confidence and carrying an impressive 25-2 win-loss record for the season.
Tennis great Djokovic, a record 24-time Grand Slam champion, equalled his former rival Roger Federer's tally at the prestigeous ceremony in Madrid.
Djokovic has now pulled out of the Madrid Open three times in four years.
Tennis superstar Rafael Nadal said Monday returning to action at the Barcelona Open is a "gift" and he wants to enjoy every moment of what he expects to be the last year of his career.
Novak Djokovic admitted he was "not having a great season at all" after he was knocked out of the Monte Carlo Masters by Casper Ruud in the semi-finals.
Casper Ruud finally defeated Novak Djokovic at the sixth attempt on Saturday, setting up a Monte Carlo Masters title showdown with Stefanos Tsitsipas.
An inspired Stefanos Tsitsipas handed Jannik Sinner his second loss of the season on Saturday as the two-time champion reached the Monte Carlo Masters final 6-4, 3-6, 6-4.
Djokovic will take on either Casper Ruud of Norway or France's Ugo Humbert for a place in Sunday's final.
Rafa Nadal's withdrawal from the Monte Carlo Masters has cast doubt over the 22-times Grand Slam champion's participation at the French Open, but Novak Djokovic said he is still hoping for a final chapter in their storied rivalry.
Djokovic has had a poor start to the year by his standards.
Novak Djokovic and Goran Ivanisevic are to go their separate ways, the tennis world number one announced on Wednesday, ending a five-year association which yielded 12 Grand Slams.
World number one Novak Djokovic withdrew from next week's ATP-WTA Miami Open on Saturday in the wake of his shock exit at Indian Wells.
Nardi, ranked 123rd in the world, played superbly to win 6-4, 3-6, 6-3 as Djokovic's return to Indian Wells ended in a stunning third round exit.
World number one Djokovic, who had not played since losing an Australian Open semi-final to Jannik Sinner on January 26, is chasing a sixth title at the desert venue in the season's first Masters event.
For any other player but Novak Djokovic, a below-par Australian Open at the age of 36 would have had pundits brushing up his tennis obituary. Djokovic, of course, is no ordinary player.
Rafael Nadal on Wednesday hailed longtime rival Novak Djokovic as the best player in the history of the sport.
Naomi Osaka said she had taken a leaf out of Novak Djokovic's tactical playbook and tweaked her return game at the Qatar Open after the former women's world number one earned back-to-back wins for the first time in almost two years.
Patience is a virtue that Sinner does possess, and eventually that paid off.