The working title is the “Majesty Cup”. The 64-player knockout draw calls for the champion to get the entire prize pot of $10 million US.
Beyond the unlikelihood of 64 players giving up a week to essentially buy a lottery ticket, the plan is to hold it the week after the US Open.
That would be the week before the Laver Cup. It’s also the week floated as the new slot for the new Davis Cup final.