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Russian Medvedev will become the first player other than Djokovic, Roger Federer, Rafa Nadal or Andy Murray to top the rankings since February 1, 2004.
Federer said he will know by April or May whether he can return to action following a third knee surgery.
Thirteen Kerala players are in the fray.
Nadal, playing in what is considered to be the greatest era of men's tennis, surpassed the haul of Roger Federer and Novak Djokovic on Sunday.
The Spanish great is now one major title clear of his ‘Big Three’ rivals after surviving the 2-6, 6-7(5), 6-4, 6-4, 7-5 thriller at Rod Laver Arena.
Should Medvedev defeat the Spanish great, he will become the first man in the Open era to win his first two Grand Slam titles in succession after his triumph in New York last September.
A win for Nadal in Sunday's final will break a three-way tie with Novak Djokovic and Roger Federer and give him sole owenership of the record for most Grand Slam singles titles.
World No. 2, Medvedev beat Felix Auger-Aliassime 6-7(4) 3-6 7-6(2) 7-5 6-4.
Nadal has reached his 14th quarterfinals of the Australian Open.
This was the World Giants' first win after they lost to Asia Lions on Friday as all the three teams now have one win each with the second and final leg beginning on Monday.