Tuesday's play at Flushing Meadows was washed out entirely, with only around 15 minutes' play in appalling conditions possible on Wednesday before the rain returned, leaving the tournament likely to extend into a third week
Tarango, a member of the USTA board of directors, revealed the Arthur Ashe would be remodelled and the Louis Armstrong knocked down and rebuilt.
Tarango admitted the changes will take a considerable amount of time to implement, telling BBC Radio Five Live: "It's called the 'strategic vision' and the plans will be showcased and unleashed very shortly.
"We had a quote for rebuilding that just got doubled on us. We have a very good strategic plan for getting the roof. It's a really tough decision but it is in place and all the money is being secured, saved up and taken care of.
"Because of the building codes in New York and because of the existing structure we would have to demolish both courts to do them both in one year.
"That's why we're calling it a vision, because it's going to be a two or three-year instalment process. The plan is to demolish Armstrong and we'll see what we go with after that."