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He denied second seed Alexander Zverev a maiden Grand Slam crown in the men's final on Sunday with a convincing 6-3 7-6 (7-4) 6-3 win.
Madison Keys won her first Grand Slam crown at the age of 29.
Djokovic retired hurt from his semifinal match against Alexander Zverev.
Djokovic defeated the young Spaniard 4-6 6-4 6-3 6-4 in a gladiatorial battle.
Fans are expected to pack Rod Laver Arena when 10-time champion Novak Djokovic meets Carlos Alcaraz.
Novak Djokovic to play US wildcard Nishesh Basavareddy as the main round starts on Sunday.
Collins explained that she had been dealing with some health challenges over the last few months, including a diagnosis of endometriosis, and intimated that her plans to start a family had not proved as straightforward as she had hoped.
World No. 10 Prannoy was the last Indian to be eliminated on a day when his compatriot Sameer Verma, mixed doubles pair of Sikki Reddy and B Sumeeth Reddy and Aakarshi Kashyap in women's singles also bowed out.
Aakarshi Kashyap beat Australia's Kai Qi Bernice Teoh to progress to the quarterfinals.
The 22-year-old fourth seed is the first Italian to win the Melbourne Park title.
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