The world number one made history on Sunday by beating Matteo Berrettini in the Wimbledon final to match Roger Federer and Rafael Nadal on 20 grand slam titles.
Djokovic has won all three majors in 2021 and recently suggested he would represent Serbia at this year's Olympics, with the tennis tournament due to begin on July 24.
However, with organisers this week confirming spectators will be banned from attending events in Tokyo amid rising coronavirus cases, Djokovic is unsure if he will travel to Japan.
"My plan was always to go to Olympic Games, but right now I'm a little bit divided," he said after his sixth Wimbledon triumph.
"I also hear that there's going to be a lot of restrictions within the [Athletes'] Village. Possibly you would not be able to see other athletes perform live.
"I can't even have my stringer that is very important part of my team. I can't have a stringer. I'm limited with the amount of people I can take in my team as well.
"It's kind of 50-50 because of what I heard in the last couple days."
Djokovic has competed at the Games on three previous occasions, but unlike Nadal and Federer he has never previously claimed a gold medal, the bronze he won in 2008 being the best the 34-year-old has managed.
Nadal, Dominic Thiem, Roberto Bautista Agut, Denis Shapovalov, Nick Kyrgios, Simona Halep and Serena Williams have previously confirmed they will not play at the Olympics.
Switzerland's Federer, who won gold in the men's doubles in Beijing 13 years ago, has yet to make a decision on his participation.
An Olympic gold medal is the one major honour to have eluded Federer during his decorated singles career.
The 20-time grand slam champion won gold in doubles alongside Stan Wawrinka in 2008 but was beaten by Andy Murray in the singles final in 2012 and pulled out of the tournament in 2016 to recover from a knee injury.
Rafael Nadal will not feature in Tokyo, having decided to skip Wimbledon and the Olympics to help him recuperate after the clay-court season.
Federer has grown significantly more selective over his schedule in the latter stages of his career as he has sought to look after his body.
Asked about his participation at the delayed Games, which begin next month, Federer told a media conference: "It's still my intention to go to the Olympic Games.
"But we will reassess everything after Wimbledon. It is my goal to play as much tournaments as possible. But it really depends on results and how the body is feeling.
"I wish I could tell you more. At the moment things are not as simple as in the past. With age, we have to be more selective, I can't play it all."
Federer starts his campaign for a ninth Wimbledon title when he faces Adrian Mannarino on Tuesday.
The Swiss has won all six of his meetings with Mannarino, including matches at Wimbledon in 2011 and 2018.
Olympic gold in singles is one of the few honours missing from Federer's glittering resume, the 20-time grand slam champion having won silver in 2012, losing the gold medal match to Andy Murray less than a month after beating the Briton in the Wimbledon final.
While Murray will be in Tokyo to attempt to defend his title again having successfully retained it in 2016, Federer – a doubles gold medallist in 2008 – has elected not to make the trip to Japan.
"During the grass-court season, I unfortunately suffered a setback with my knee, and have accepted that I must withdraw from the Tokyo Olympic Games," Federer wrote in a statement on Twitter.
"I am greatly disappointed, as it has been an honour and highlight of my career each time I have represented Switzerland.
"I have already begun rehabilitation in the hopes of returning to the tour later this summer. I wish the entire Swiss team best of luck and I will be rooting hard from afar. As always, Hopp Schwiz!"
Federer missed most of the 2020 season due to persistent right knee problems that led him to undergo two surgeries.
The length of his recovery forced Federer to miss this year's Australian Open but he made his return to the tour in time for the French Open, reaching the fourth round before withdrawing to focus on the grass-court season.
Yet he was stunned by Felix Auger-Aliassime in the second round in Halle and was often unconvincing in progressing to the quarter-finals at Wimbledon, where his quest for a ninth title was ended by Hubert Hurkacz, the Pole becoming the first player to win a set 6-0 against Federer at the All England Club.
The 39-year-old's withdrawal makes him the latest tennis big name to pull out of the Tokyo Games. On the men's side, Rafael Nadal and Dominic Thiem decided against competing, while Serena Williams confirmed before her first-round retirement at Wimbledon that she had no plans to play at the Olympics.
World number one Novak Djokovic has said he is "50-50" on going for his first Olympic title. Having won all three majors so far this year, Djokovic is in prime position to become the first man to do the 'Golden Slam' in the same season. Steffi Graf achieved the feat in 1988, with a sweep of the majors followed by her victory at the Seoul Olympics.
The 20-time grand slam champion was knocked out of the French Open at the semi-final stage by eventual winner Novak Djokovic.
And, with just a two-week gap to the grass-court slam in London, the 35-year-old has opted against taking part at the All England Club or the Games in Tokyo.
"Hi all, I have decided not to participate at this year's Championships at Wimbledon and the Olympic Games in Tokyo," the Spaniard tweeted.
"It's never an easy decision to take but after listening to my body and discuss it with my team I understand that it is the right decision.
"The goal is to prolong my career and continue to do what makes me happy, that is to compete at the highest level and keep fighting for those professional and personal goals at he maximum level of competition."
Nadal explained that the quick turnaround from a gruelling campaign in Paris to another tough schedule at Wimbledon presented too much of a risk to his fitness.
"The fact that there has only been two weeks between RG [Roland Garros] and Wimbledon didn't make it easier on my body to recuperate after the always demanding clay court season," he said.
"They have been two months of great effort and the decision I take is focused looking at the mid and long term.
"Sport prevention of any kind of excess in my body is a very important factor at this stage of my career in order to try to keep fighting for the highest level of competition and titles.
"I want to send a special message to my fans around the world, to those in the United Kingdom and Japan in particular.
"The Olympic Games always meant a lot and they were always a priority as a Sports person, I found the spirit that every sports person in the world wants to live. I personally had the chance to live 3 of them and had the honor to be the flag bearer for my country."
Nadal is a two-time Wimbledon champion and took gold at the 2008 Olympics in Beijing.
The 27-year-old US Open champion pinned his decision on the belief he would struggle to find his best form, having endured a tough 2021 season so far.
Thiem has lost his last three matches, including a first-round defeat to Pablo Andujar at the French Open, and has an overall 9-8 win-loss record for the year.
World number five Thiem confirmed, however, that he intends to play Wimbledon, which begins on June 28, and will then focus on getting in the best possible shape for his grand slam title defence at Flushing Meadows.
Nadal said earlier on Thursday that he would play neither Wimbledon nor the Olympics, where the tennis tournament starts on July 24, because he wished to recover from his clay-court season efforts.
Women's tour superstar Naomi Osaka has elected to miss Wimbledon but said on Thursday she would represent Japan at her home Olympics.
Thiem revealed his Olympics decision in a statement posted on his Twitter page, saying: "After talking with my team and analysing the situation I have taken the very difficult decision to withdraw from competing in the Tokyo Olympics.
"For me, like all athletes, taking part in the Olympics and representing my country is a huge honour and that makes this decision even tougher. However, 2021 did not start as expected and I don't feel ready to play my best in Tokyo.
"These last two weeks I have been training hard – and I’m starting to improve my conditioning and concentration little by little. My goal is to work hard the coming weeks, give my best at Wimbledon and keep training and hopefully defend my US Open title.
"I wish the entire Austrian team traveling to Tokyo all the best. I am young and I hope to be able to play for Austria at the Olympics in Paris 2024."
