Only Martina Navratilova, who spent a staggering 1000 weeks at the top of the world rankings, amassed more days at the top.
Alcaraz is the ninth and youngest person to have won both legs of the Sunshine Double in his career, Indian Wells and Miami.
The 19-year-old Spaniard, who went undefeated in six matches at Indian Wells, will reclaim the top spot in the world in Monday's ATP Rankings.
The Kazakh had faced Sabalenka in the final of the Australian Open earlier this year but was defeated 6-4, 3-6, 4-6 back then.
Wimbledon champion Elena Rybakina and Australian Open champion Aryna Sabalenka will face off in the final of the WTA 1000 competition on Sunday.
Norrie emerged victorious over the Russian on Tuesday thanks to a dominant performance which saw him advance to the last eight.
Medvedev beat his opponent 6-7 (5-7), 7-6 (7-5), 7-5 in what was an absolute classic match between two of the best players in world tennis today.
Draper only committed one double fault, recorded win percentages of 93% and 71% on the first and second serves respectively.
"Two Americans, she definitely has a very bright future, and unfortunately only one of us could win today," Rogers said on court after her win.
With a 14-match winning streak coming into the match, former World No. 1 Medvedev will present a challenging second-round test.