Williams had held the honour for the last four weeks after defeating Jankovic in the US Open final.
However, Williams' stunning second-round loss to China's Li Na last week in Stuttgart guaranteed 23-year-old Jankovic the top spot in the updated rankings.
Jankovic went on to win in Stuttgart, clinching back-to-back titles following her victory in Beijing a week earlier.
"I'm happy the hard work I've put in is paying off," said Jankovic, who has won nine of her 10 matches since the defeat at Flushing Meadows.
"I've been playing very well since the US Open and my confidence is quite high. My main goal is to finish the season at number one."
by espnstar.com/tennis/news
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