The women's Fed Cup has also undergone a re-structuring and the inaugural 12-nation Finals should have been staged in Budapest in April.
Scheduled at the Caja Mágica in Madrid between November 23 and 29, The Davis Cup finals today were rescheduled as of November 22, 2021.
The 12 teams which have already qualified for this year's Finals will compete at the rescheduled Finals in April 2021 with the draw for the Finals remaining as published.
"The decision to postpone the event comes following a three-month review of the considerable logistical and regulatory challenges that have arisen as a result of the pandemic and all potential hosting scenarios with the health and safety of all involved of paramount importance", ITF's statement read.
The Davis Cup and Fed Cup have both been postponed until 2021 due to the coronavirus pandemic, it was confirmed on Friday.
While some tennis is expected to return behind closed doors starting in August - the US Open will go ahead on its planned dates without spectators - the ITF said that hosting the Fed Cup without fans was "not considered a desirable opinion, given the unique atmosphere created by national supporters". The Davis Cup is the premier global team event in men's tennis. This is the first time this event is postponing for the entire season.
The announcement capped a bad week for tennis after world number one Novak Djokovic s exhibition tournament in the Balkans led to him and other top players Grigor Dimitrov, Borna Coric and Viktor Troicki testing positive for COVID-19.
Haggerty said: "Earlier this year, we took the hard but necessary decision to postpone the first edition of the new-look Fed Cup in Budapest due to the COVID-19 pandemic". It will now take place from April 13-18 next year on indoor clay at the Laszlo Papp Arena in the Hungarian capital with the same nations involved. They will be played next February.
"While it is regrettable that the Finals will not be able to take place this year, we are confident that we will be able to host a superb event in Budapest in April 2021", said ITF president David Haggerty.
The Davis Cup, meanwhile, had planned to host qualification matches for future finals in September, before the 2020 finals in Madrid at the end of November.
"We appreciate the trust that the ITF has shown in us during these hard times and we look forward to continuing our partnership over the next year and beyond". Rafa Nadal led Spain to the title past year, beating Canada in the final.