Briton Murray, Canada's Felix Auger-Aliassime, Australian John Millman and Frenchman Jeremy Chardy will replace Djokovic, John Isner, Vasek Pospisil and Sam Querrey -- who stepped down to form the Professional Tennis Players Association (PTPA).
Murray joins 20-time Grand Slam champions Roger Federer and Rafa Nadal on the council.
The ATP was set up by players in 1972 to represent the men's athletes but its board now includes representatives of tournament owners as well.
Besides the ATP and the women's WTA, the sport is also controlled by the International Tennis Federation and the boards of the four Grand Slams.
World number one Djokovic described the PTPA, which he said has already attracted the support of more than 200 players, as a platform for the views of the athletes that can co-exist with the ATP.
In response to the formation of the PTPA, the governing bodies had issued a joint statement calling for unity at a time when tennis has been ravaged by the COVID-19 pandemic. (Reporting by Manasi Pathak in Chennai, editing by Pritha Sarkar)