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Along with the award, the 33-year-old also received a cheque for $2,000 to be donated to a charity and she opted to help with relief during the ongoing coronavirus crisis.
The inaugural edition of the Ultimate Tennis Showdown will take place without fans at his academy in the south of France, and be broadcast live.
In a letter posted on Twitter and addressed to the tennis community, Mouratoglou said the current situation showed how 'dysfunctional' the sport was.
Serena's two-year-old daughter Alexis Olympia Ohanian Jr. was seen beside her in the court wearing a similar outfit as her mother.
Former US Open champions Serena and Sloane Stephens are set to compete at the event set to begin on August 10.
Next up for the American will be a second-round meeting against fellow mother Tsvetana Pironkova.
The withdrawal of Osaka, who has never advanced past the third round at Roland Garros, comes as another blow to the tournament after world No. 1 Ash Barty of Australia said she would not be defending her title due to COVID-19 concerns.
Serena Williams, who battled her way through to a 6-2, 6-4 victory over Russia's Margarita Gasparyan, next faces fellow American Sloane Stephens.
Azarenka overpowered Elise Mertens 6-1, 6-0, while Serena was forced to dig deep to secure a 4-6, 6-3, 6-2 quarterfinal victory over unseeded Bulgarian Tsvetana Pironkova.
Serena Williams survived a third-round scare to topple 2017 champion Sloane Stephens 2-6, 6-2, 6-2 and keep alive her bid for a record-equalling 24th Grand Slam title.
Results 81-90 of 133
