Djokovic falling to number two.
Alcaraz has a total of 7,420 ranking points while Djokovic has 7,160.
Alcaraz is the top seed and defending champion at this week's Miami Open Presented By Itau to be played at Miami, Florida.
Djokovic has been ineligible to compete at the tennis tournaments at Indian Wells and Miami last year and this year due to his lack of a Covid 19 vaccine which prohibits him from entering the USA.
After the Miami tournament Alcaraz will lose 990 rankings points and will fall in the rankings to number two if he fails to win the tournament again this year since Djokovic has no ranking points to defend.
The third ranked Stefanos Tsitsipas of Greece could also rise to number two following Miami if he wins the title and Alcaraz loses in an early round.
In September following his title victory at the US Open, Alcaraz became the youngest ever men's number one player at 19 years old four months old.
In Indian Wells Alcaraz needed only one hour and eleven minutes to overpower Medvedev from the baseline.
Alcaraz used an aggressive baseline game fronted by his powerful forehand to win.
Alcaraz is 14-1 this year after also winning a title in Buenos Aires, Argentina.
In his only other tournament of this year, Alcaraz fell to Cameron Norrie of Great Britain in the final round at Rio de Janerio, Brazil.
Alcaraz missed several tournaments at the start of the year due to an abdominal injury.
The fifth ranked Medvedev is 24-3 for the year and had before the Indian Wells final won 19 matches in a row.
The Wimbledon champion Rybakina capitalized on a shaky Sabalenka serve for her win.
However as Wimbledon was last year punished for excluding Russians and Belarussians from their event, Rybakina was awarded no rankings points for her Wimbledon win.
With the normally awarded 2,000 ranking points, Rybakina would be ranked number three instead of her current number seven ranking.