Juventus say the agreement — equal to the monthly payments for March, April, May and June — will save the club a total of €90 million ($100.5 million).
All sport in Italy has been canceled until at least April 3 but Juve says it will renegotiate with players “in good faith” should the current season be rescheduled and resumed.
Juventus, which is top of Serie A and leading Lazio by one point in the race for the Scudetto, is one of Europe’s biggest club and by far Italy’s most successful domestically.
“Juventus would like to thank the players and the coach for their commitment at a difficult time for everyone,” the club said in a statement.
Cristiano Ronaldo, Juventus’ star forward, has already donated €1 million ($1.1 million) to help fight coronavirus in his native Portugal.
The money will fund two intensive care units for Lisbon’s Hospital de Santa Maria and will equip one ward in Porto’s Santo Antonio hospital with 15 intensive care beds.
Italy has been one of the countries most affected by Covid-19 and now has the highest death toll in the world, with more than 10,000 fatalities.
The country has at least 90,000 confirmed cases and appears to have the highest death rate on the planet.
At a time when the country is reeling from the coronavirus outbreak, stories of kindness have been providing some much-needed light relief.
Fellow Serie A side AS Roma has been delivering emergency care packages to its most vulnerable supporters.
The entire country has been placed on lockdown, leaving many elderly people isolated and vulnerable.
To combat this, Roma has started delivering its “Roma Cares” packages to every season ticket holder over the age of 75.