Serbian tennis star Novak Djokovic seen during his round of 16 match against Italian player Lorenzo Musetti, in the Monte Carlo Masters, Monte Carlo, France, 13 April 2023. (Reuters)

Tennis legend and world number one Novak Djokovic pulled out of the Madrid Masters on Saturday via the competition's organizers.

"Novak Djokovic is unable to compete at the Madrid Open," an Instagram post by the organizers read ahead of the tournament that is set to begin on April 26.

The star's withdrawal has been linked to issues he is experiencing with his elbow and the decision to not take part in the Madrid Masters is projected to hinder his preparations for the upcoming French Open which will take place at the end of May.

Djokovic, 35, lost to 70th-ranked Dusan Lajovic in the quarter-finals at Banja Luka, Bosnia Herzegovina, on Friday.

"I was many levels below what I want," stated the two-time French Open champion after his defeat to his compatriot Lajovic on Friday.

He added, "Playing like that, I can't win against opponents who are so solid on this surface. But what can I do? It's simply sport. I was trying but it wasn't working."

Djokovic was also defeated by underdog Lorenzo Musetti at the Monte Carlo Masters earlier this month and pointed to his elbow which he said is "not in an ideal condition" as a reason for his dropping form.

Neither Djokovic joins Rafael Nadal, both of which are record 22-time Grand Slam champions, in opting out of the Madrid Masters.

Djokovic opted out of receiving COVID-19 vaccination, a decision which forced him out of the Indian Wells and Miami tournaments earlier this year.