We consider the interaction between a two-level atom and two electromagnetic fields injected simultaneously within a cavity, with the interaction between the fields in parametric frequency-converter form. The wave function in Schr ödinger picture is obtained under certain conditions and consequently the density matrix. By employing a generalization of the von Neumann mutual information (in the context of Tsallis' nonextensive statistics) we measure the degree of entanglement for the present system. An important change is observed in the generalized mutual information depending on the entropic index. We also measure the minimum degree of entanglement during the transition from collapse to revival and vice-versa. Successive revival peaks show a lowering of the local maximum point indicating a dissipative irreversible change in the atomic state.