Williams last played at the 2017 Australian Open and won while she was nine weeks pregnant.
Australia's Margaret Court, with 24, is the only player still ahead of Serena in terms of Grand Slam singles titles.
Williams, who gave birth to a daughter in September, could return for the Australian Open next month.
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Melbourne United will host Cairns Taipans at Hisense Arena in the second week of the Australian Open after partnering with Tennis Australia to deliver "a Grand Slam first".
"She has got her visa, she has entered, she's practicing, and she probably just needs a bit more space for a bigger entourage", tournament head Craig Tiley said.
"There's no question that she'll be ready in our view and she wants to break a record that is Margaret Court's".
Aaron Boone knows he has to convince players he can manage
One introductory theme was Boone's role in vaulting the Yankees from their surprising ALCS appearance to "the next level". I think when that happens, you're going to put yourself in position to be successful come October".
"We'd be pretty excited about the possibility [of her coming]", Tiley said.
Tiley described the Australian Open, which will be held from January 15-28, as a "family-friendly event". "Roger Federer travels with his four kids and we are a family-friendly event", he said, referring to Williams and her baby. Williams recently announced on social media that she has started training again.
Cold front bringing the coldest air of the season... so far
Factor in northwest winds of 10 to 15 miles per hour , and it will feel like temperatures are in the teens Thursday morning. After a cloudy and mild start to this Wednesday, clouds will continue eroding from west to east.