International Premier Tennis League founder Mahesh Bhupathi, one of India’s most successful doubles player, confirmed the absence of the two star players.
While Federer was not named in any side, he was expected to be part of the Indian Aces while Serena was named in the Singapore Slammers squad.
"We have had challenges this year and we are hoping to get past them. With the current economic climate in India and uncertainty over spending money, I reached out to both Roger (Federer) and Serena (Williams) to explain the situation. They have been very supportive of the IPTL the first two seasons and we look forward to bring them in Futures," Bhupathi said in a statement.
In the league, after the Japan-leg, UAE Royals are sitting on top of the table, followed by Indian Aces.
Image: A file photograph from 2012 of Serena Williams and Roger Williams. Photograph: Clive Brunskill/Getty Images.
IPTL: Indian Aces trump Japan Warriors 30-17 in opener
IPTL: Indian Aces suffer first defeat of season
No Federer, Nadal in Bhupathi's IPTL this season
Second season of IPTL to adopt changes in format
IPTL: Amitabh signs up as Singapore Slammers co-owner