Tipsarevic started last week at No. 10 but was bounced in the second round -- he had a first-round bye -- by Guido Pella at the Power Horse Cup in Germany. Last year the tournament was called the World Team Championship and Tipsarevic won the event.
That cost Tipsarevic enough rankings points to drop him from 10th to No. 12, lifting Wawrinka to 10th and Marin Cilic to 11th.
Wawrinka and Cilic both previously reached No. 9 in the rankings for their career bests to date.
Juan Monaco won the Power Horse Cup and that improves his ranking two spots to 17th. Pella, a qualifier who also beat seventh-seeded Viktor Troicki last week, moves from 101th to No. 83.
The big move of the week, however, goes to Albert Montanes, who picked up his first tournament title in three years at the Nice Open and leaps 35 places to No. 47.
All but two of the Top 10-ranked players are in Paris for the French Open. No. 2-ranked Andy Murray is out because of a back injury and seventh-ranked Juan Martin del Potro has been afflicted with a viral ailment.
The Top 10 going as of the Monday, with their ranking points:
1. Novak Djokovic, 12,310
2. Andy Murray, 8,670
3. Roger Federer, 8,000
4. Rafael Nadal, 6,895
5. David Ferrer, 6,740
6. Tomas Berdych, 4,685
7. Juan Martin del Potro, 4320
8. Jo-Wilfried Tsonga, 3,795
9. Richard Gasquet, 3,090
10. Stanislas Wawrinka, 2,630