• Total prize pool for tournament will be $108m

• Players guaranteed $140,000 for making first round

The world’s leading tennis players have welcomed the US Open’s announcement of a 20% increase in prize money and agreed not to continue their protests at this year’s tournament as a result.

The build up to both the French Open and Wimbledon was overshadowed earlier this year by a media boycott as the players continue to demand a greater share of tournament revenues, but after the US Tennis Association announced a record prize pot of $108m there will be no such disruption at Flushing Meadow.

• Move could be confirmed along with $100m US Open pot

• Slams have been in dispute with players for 18 months

Tennis’s grand slam tournaments have agreed to establish a formal player advisory council in a move aimed at defusing the row over prize money. The joint venture could be confirmed on Wednesday as part of the US Tennis Association’s (USTA) announcement of this year’s US Open prize money, which is expected to top $100m (£74m) for the first time.

The four slams have been in dispute for almost 18 months, with leading players – including Jannik Sinner and Aryna Sabalenka– demanding a greater share of tournament revenues as part of a wider overhaul of the sport’s finances and operations that would also lead to the major tournaments making contributions to player welfare and offer meaningful player representation.