Danish player Wozniacki spent 71 weeks at the top of the world rankings and finished with 30 singles titles - including a Grand Slam crown at the Australian Open in 2018.
She announced her retirement prior to the 2020 Australian Open at the age of 29, saying she wanted to start a family with her husband, former NBA player David Lee. She has since had a daughter Olivia and son James.
"Over these past three years away from the game I got to make up for lost time with my family, I became a mother and now have two beautiful children I am so grateful for," she wrote on social media.
"But I still have goals I want to accomplish. I want to show my kids that you can pursue your dreams no matter your age or role.
"We decided as a family it's time. I'm coming back to play and I can't wait!"
Wozniacki said she would first play at the Canadian Open in Montreal in August "to get back into the groove" before targeting the US Open while her long-term goal is the 2024 Olympics in Paris.
The United States Tennis Association later announced that Wozniacki, a two-time finalist at Flushing Meadows, had been awarded a wildcard for the Grand Slam that begins on August 28th.
"After that, I'll have a couple of months to prepare for Australia and we'll take it from there. The Paris Olympics are definitely a goal too."
Wozniacki, who turns 33 next month, said she was inspired by 23-time Grand Slam champion Serena Williams after the American returned to the sport following the birth of her daughter Olympia.
"I think that Serena doesn't get nearly enough credit for getting to so many Grand Slam finals after having Olympia," she added.
"Her retirement will always be bittersweet, both for me and for so many other players, because she's meant so much to women's tennis. She paved the way for so many of us, she showed us that anything is possible."
