Azarenka will return to the top spot when the new rankings are released Monday, having been overtaken by Sharapova last month following the Russian's victory at the French Open.
Radwanska will be No. 2 in the new list. The Polish player would have become No. 1 for the first time if she had beaten Serena Williams in Saturday's Wimbledon final, but she lost 6-1, 5-7, 6-2.
Azarenka lost in the semifinals to Williams on Thursday. She won this year's Australian Open as part of a 26-match winning streak to start the season, and held the No. 1 ranking for 19 weeks before Sharapova's victory at Roland Garros.