New Liverpool boss Jurgen Klopp will become the third highest earning manager in football after signing a lucrative £7m a year contract with the Reds.
The German has signed a three-year deal worth £21m.
It puts him above Arsenal manager Arsene Wenger and below only Chelsea's Jose Mourinho in the Premier League's highest-earning bosses.
Liverpool felt prepared to offer Klopp a significant pay rise on the annual salary of £4m he earned at Borussia Dortmund, where he won two Bundesliga titles and reached the Champions League final.
Although Wenger earns £8m a year from his salary at Arsenal, Klopp earns a significant amount of money - over £3m - from numerous endorsements from brands including German car manufacturer Opel, taking his total earnings over £10m.
Mourinho and Klopp's former rival at Bayern Munich, Pep Guardiola, are the only other managers in world football to make more in a year.
ManagerClubSalary + endorsements
|Pep Guardiola||Bayern Munich||£11.2m|
|Louis van Gaal||Manchester United||£7.3m|
|Andre Villas-Boas||Zenit Saint-Petersburg||£6.25m|
|Sven-Goran Eriksson||Shanghai SIPG||£5.9m|
|Laurent Blanc||Paris Saint-Germain||£5.1m|
|David Moyes||Real Sociedad||£5.1m|
|Rafael Benitez||Real Madrid||£5.1m|
It makes a significant statement of intent from the club's owners, Fenway Sports Group, who moved to sack former manager Brendan Rodgers with the team only six points off the Premier League top spot.
Klopp's contract, which ends in June 2018 with the option of a further year to take his total earnings to £25m, is the largest signed by any Liverpool manager in history.
In his first interview with the club's website, Klopp promised Liverpool fans an "emotional" style of play.
He said: "The kind of football [I coach] is emotional, I like this, I like the emotion in the game. I like the speed in the game, you have to be a real man or woman in the game - it's hard, all things are like this."