Manchester City look set to become the second highest earning club in the Premier League - behind rivals Manchester United, according to Deloitte's latest Football Money League table.
City have risen five places to seventh in the annual list that ranks the world's top 20 clubs in terms of revenue generated - surpassing both Tottenham and Liverpool.
London clubs Arsenal and Chelsea are still ahead of Roberto Mancini's side but City are on course to move past them if they can maintain similar success over the next two years, according to the Daily Mail.
Winning the Premier League title saw City's income increase by an incredible 51% (£77.9m) to £231.1m for 2011-12 - while Arsenal earned £234.9m and Chelsea were boosted by their Champions League win to net £261m.
Newcastle were another surprise mover after a fifth place league finish and high attendances saw them make the list for the first time in three years with earnings of £93.3m.
More English clubs are expected to dominate the list following the massive new deal for domestic TV broadcasting rights, which could see half of the teams in the list playing in the Premier League.
None of the top four teams have changed with Spanish sides Real Madrid (£414.7m) and Barcelona (£390.8m) coming first and second respectively.
Manchester United hold on to third place with £320.3m, despite being £11.3m down from the previous year due to their early elimination from the Champions League. And, Pep Guardiola's new team Bayern Munich are fourth with annual earnings of £298.1m.
Deloitte Football Money League table
1 Real Madrid - £414.7m (revenue 2011-12)
2 Barcelona - £390.8m
3 Manchester United - £320.3m
4 Bayern Munich - £298.1m
5 Chelsea - £261m
6 Arsenal - £234.9m
7 Manchester City - £231.1m
8 AC Milan - £207.9m
9 Liverpool - £188.7m
10 Juventus - £158.1m
11 Borussia Dortmund - £153m
12 Inter - £150.4m
13 Tottenham - £144.2m
14 Schalke - £141.2m
15 Napoli - £120.1m
16 Marseille - £109.8m
17 Lyon - £106.7m
18 Hamburg - £98m
19 Roma - £93.8m
20 Newcastle - £93.3m