Manchester has joined current hosts London on a five-city shortlist to stage the ATP Finals from 2021.
Singapore, Tokyo and Turin have also made the cut after more than 40 cities expressed an initial interest in hosting the season finale.
Manchester lost out to the Chinese city of Shenzhen earlier this year in its attempt to host the WTA Finals - the women's equivalent of the ATP Finals.
A decision on the ATP Finals host will be made by March 2019 at the earliest.
London has hosted the event since 2009 and has drawn a cumulative total of more than 2.5 million spectators to the O2 Arena since then.
It extended its current agreement to host through to 2020 in May 2017.
Manchester's unsuccessful plan to stage the WTA Finals was centred on the 21,000-capacity Manchester Arena, the likely venue if it was successful with the ATP Finals bid.
"It has been a highly competitive process, and the candidate cities on the shortlist deserve huge credit for the passion and creative vision they have shown in their respective plans to continue the growth of our showpiece event," said ATP president Chris Kermode.
"With the final shortlist announced, we believe we will be well-placed to determine the next exciting chapter."
BBC tennis correspondent Russell Fuller
The bid from Manchester's ambitious city council may ultimately prove unsuccessful, but their pitch must be persuasive to have reached the final five.
London has an impressive track record to overcome, although the bid from Turin appears to have serious financial clout.
The ATP always says presentation and attendance are more important than money, but there is pressure on the board to increase the prize fund given the record $14m which will be on offer when the WTA Finals switch to Shenzhen in China next year.
Singapore and Tokyo are hindered by geography in that they are at least seven time zones away from Paris, where the final regular season event is held. However, it is not impossible that by 2021 some changes could have been made to that end of season schedule.