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Published 10:02 29 Apr 2016 BST
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The Italian, who took over from Nigel Pearson over the summer, will make £6.7m from a series of bonuses should his team avoid a monumental collapse and finish top, according to The Times.
Ranieri's contract includes a £5m bonus for claiming the title - a clause which surely seemed ludicrous during negotiations.
But it's also a sign of just how unlikely the 5000/1 Leicester were as title challengers just a few months ago that Ranieri will make a cool £1.7m for avoiding relegation.
According to the former Chelsea manager's contract, the club will pay out £100,000 for every position above 18th the Foxes finish this season.
While most of us might retire with such a huge windfall, maybe Ranieri will stick it all on the Foxes to win next season's Champions League.

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