And the Italian manager, who took over last summer, will be rewarded handsomely should he guide the Foxes to a historic league title that is now just one win from their grasp.
Leicester will win the league with a victory over Manchester United at Old Trafford on Saturday and in the process will earn their boss £6.7m in bonus payments.
Ranieri will receive £5m for securing the title, according to The Times, plus a further £1.7m he is due from a clause in his contract promising him £100,000 for every place the Foxes finish above 18th.
Yet his players are expected to receive no special bonus for winning the league — an outcome not seen as worth negotiating for last summer.
Instead, the squad will split a £6.5m bonus promised to them for finishing 12th or above plus pick up a £3,000 bonus for every win.
Leicester are due to earn roughly £93m for winning the Premier League and will be roughly £250m better off at this point next season after competing in the Champions League.
They are owned by Thai billionaire Vichai Srivaddhanaprabha, a duty-free store magnate worth around £2bn.
According to financial analysts, the club would be worth around £400m should they win the league meaning Vichai could sell the club for more than 10 times what he bought it for in 2010.