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Sabalenka has enjoyed a spectacular season, defending her Australian Open title in January and adding the US Open trophy to her cabinet last month, as well as enjoying victories in Cincinnati and Wuhan.
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.
The announcement marks the PIF's latest foray into tennis, after the men's ATP tour also signed a multi-year 'strategic partnership' earlier this year.
The title was the 21st of Swiatek's career as the world No.1 extended her unbeaten run to 12 matches on clay to sound out a warning to her rivals ahead of the French Open.
Victory improved Swiatek's record over her Belarusian rival to 7-3 as the three-time French Open champion bagged the only major claycourt title that was missing on her glittering resume.
Venezuelan-born Muguruza won the French Open in 2016 and Wimbledon in 2017, and she reached the final of the Australian Open in 2020.
The 30-year-old Collins has announced that she will retire from the sport at the end of this season but has found herself playing in the form of her life and has extended her winning streak to 13 matches.
The WTA said its agreement with the Saudi Tennis Federation will offer record prize money of $15.25 million this year with further increases in 2025 and 2026.
The 30-year-old overcame fourth seed Elena Rybakina in just over two hours to become the sixth American woman to claim the crown in Miami.
After a gutsy second-round win on Friday over good friend Paula Badosa the world No. 2 appeared to have little left in the tank physically, mentally or emotionally for a late night Stadium court battle with Ukrainian Kalinina.
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