Manchester United have dropped to third place behind Real Madrid and Barcelona in the 'rich list' of European clubs.
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The Deloitte Football Money League sees the two Spanish clubs secure the top spots but mainly due to the continuing decline of the pound against the euro.
The overwhelming dominance of Real Madrid and Barcelona in Spain is shown by the fact that no other La Liga side occupy a top 20 place.
The two Spanish giants have one significant advantage in revenue terms in that they negotiate their own individual television rights while the Premier League have a collective deal which is shared much more equally among all 20 clubs.
Dan Jones, partner in the sports business group at Deloitte, told Press Association Sport: "Chelsea's revenue has dropped because last season was a bit worse than usual on the pitch, they had frozen season ticket prices and there was not a lot going on in big new commercial developments.
"Arsenal have the advantage in matchday income with a new 60,000-seater stadium and they made the semi-finals of both the Champions League and the FA Cup.
"All the English clubs were impacted by the continuing depreciation of the pound against the euro and the scale of this is shown by the fact that if exchange rates remained at their June 2007 level, United would be top of the money league table."
Positions (last year's position in brackets):
1 (1) Real Madrid £341.9million
2 (3) Barcelona £311.7m
3 (2) Man Utd £278.5m
4 (4) Bayern Munich £246.6m
5 (6) Arsenal £224.0m
6 (5) Chelsea £206.4m
7 (8) Liverpool £184.8m
8 (11) Juventus £173.1m
9 (10) Internazionale £167.4m
10 (7) AC Milan £167.4m
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Arsenal are the big movers in football's rich list.
The Deloitte Football Money League sees Real Madrid and Barcelona secure the top spots but mainly due to the continuing decline of the pound against the euro.
The most notable change in the list, based on clubs' revenue excluding transfer fees, sees Arsenal leapfrog Chelsea with the Gunners recording a 7 per cent rise in revenue to £224million compared to their London rivals' £206million - a 3 per cent fall in revenue.
Real Madrid has topped the 'rich list' for the last five years but Barcelona's unprecedented success last season where they won five trophies has seen them overtake Manchester United despite a 9 per cent rise in income at Old Trafford.
Dan Jones, partner in the sports business group at Deloitte, told the Daily Mail: "Chelsea's revenue has dropped because last season was a bit worse than usual on the pitch, they had frozen season ticket prices and there was not a lot going on in big new commercial developments.
"Arsenal have the advantage in matchday income with a new 60,000-seater stadium and they made the semi-finals of both the Champions League and the FA Cup.
"All the English clubs were impacted by the continuing depreciation of the pound against the euro and the scale of this is shown by the fact that if exchange rates remained at their June 2007 level, United would be top of the money league table."
Deloitte Football Money League - top ten:
1 (1) Real Madrid £341.9million
2 (3) Barcelona £311.7m
3 (2) Man Utd £278.5m
4 (4) Bayern Munich £246.6m
5 (6) Arsenal £224.0m
6 (5) Chelsea £206.4m
7 (8) Liverpool £184.8m
8 (11) Juventus £173.1m
9 (10) Internazionale £167.4m
10 (7) AC Milan £167.4m
Arsenal are ready to listen to offers for Gael Clichy.
The News of the World says Clichy is set to leave Arsenal at the end of the season with both AC Milan and Real Madrid ready to pounce.
Clichy has two years left on the contract he signed two years ago and Gunners boss Arsene Wenger is considering cashing in on the 23 year old French left-back.
Last summer, Real Madrid were reportedly prepared to pay £16 million for Clichy.
Arsenal boss Arsene Wenger expects the three Premiership clubs to progress from this round of Champions League games.
Manchester United defeated AC Milan 3-2 in the first leg of their Champions League clash last night, and Arsenal manger Wenger believes the English trio will all be in the draw for the next round.
"I expect the three English teams to go through, yes, but I'm not a fool. I know that it will be difficult for all the three teams," he said.
"Maybe Man United have a small advantage over Milan, but in the other two games it will be very tight."
Portuguese marketing agency Futebol Finance has published a list of the top 50 footballer's salaries this season.
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Futebol Finance's 50 highest paid players in world football :-
1 Cristiano Ronaldo (Real Madrid, £11.3million)
2 Zlatan Ibrahimovic (Barcelona, £10.4million)
3 Lionel Messi (Barcelona, £9.1million)
4 Samuel Eto'o (Internazionale, £9.1million)
5 Kaka (Real Madrid, £8.7million)
6 Emmanuel Adebayor (Manchester City, £7.4million)
7 Karim Benzema (Real Madrid, £7.4million)
8 Carlos Tevez (Manchester City, £7million)
9 John Terry (Chelsea, £6.5million)
10 Frank Lampard (Chelsea, £6.5million)
11 Thierry Henry (Barcelona, £6.5million)
12 Xavi (Barcelona, £6.5million)
13 Ronaldinho (AC Milan, £6.5million)
14 Steven Gerrard (Liverpool, £6.5million)
15 Daniel Alves (Barcelona, £6.1million)
16 Michael Ballack (Chelsea, £5.6million)
17 Raul (Real Madrid, £5.6million)
18 Rio Ferdinand (Manchester United, £5.6million)
19 Kolo Toure (Manchester City, £5.6million)
20 Wayne Rooney (Manchester United, £5.2million)
21 Robinho (Manchester City, £5.2million)
22 Iker Casillas (Real Madrid, £5.2million)
23 Victor Valdez (Barcelona, £5.2million)
24 Frederic Kanoute (Sevilla, £5.2million)
25 Deco (Chelsea, £5.2million)
26 Didier Drogba (Chelsea, £4.8million)
27 Gianluigi Buffon (Juventus, £4.8million)
28 Francesco Totti (Roma, £4.8million)
29 Luca Toni (Roma, £4.8million)
30 David Villa (Valencia, £4.8million)
31 Arjen Robben (Bayern Munich, £4.8million)
32 Bastian Schweinsteiger (Bayern Munich, £4.8million)
33 Ashley Cole (Chelsea, £4.8million)
34 Fernando Torres (Liverpool, £4.8million)
35 Gareth Barry (Manchester City, £4.8million)
36 Patrick Vieira (Internazionale, £4.8million)
37 Charles Puyol (Barcelona, £4.3million)
38 Andres Iniesta (Barcelona, £4.3million)
39 Sergio Aguero (Atletico Madrid, £4.3million)
40 Andreas Pirlo (AC Milan, £4.3million)
41 Willy Sagnol (Bayern Munich, £4.3million)
42 Frank Ribery (Bayern Munich, £4.3million)
43 David Beckham (AC Milan, £4.3million)
44 Wayne Bridge (Manchester City, £4.3million)
45 Lassana Diarra (Real Madrid, £4.3million)
46 Dimitar Berbatov (Manchester United £4.1million)
47 Andrei Arshavin (Arsenal, £4.1million)
48 Nicolas Anelka (Chelsea, £4.1million)
49 Ryan Giggs (Manchester United £4.1million)
50 Alessandro Del Piero (Juventus, £4.1million)
AC Milan are eyeing a move for Arsenal defender William Gallas.
Gallas faces leaving the Gunners in the summer as manager Arsene Wenger will not meet his demands for a new two-year contract.
The Daily Star Sunday says Milan are ready to pounce for the Frenchman.
Only this week, Milan vice-president Adriano Galliani admitted the days of spending big on transfers were over for the Italian giants.
Manchester United midfielder Darren Fletcher says he's up for tonight's Champions League clash at AC Milan.
Fletcher will start in United's midfield against Milan's stars.
"I love the big games," said Fletcher.
"I get excited before them and not a bit nervous. I dreamed about playing in these games as a kid so I’m determined to make the most of them, determined to test myself to my full ability.
"I don’t want to sound big-headed, but I’ve never come up against anyone who has torn me to shreds. The only time that has happened has been in training against Roy Keane and Paul Scholes.
"I do enjoy the big games, I really do."
One big game Fletcher was denied access to last season was the Champions League final against Barcelona in Rome. An unjust red card in the semi-final defeat of Arsenal cost Fletcher dear.
He has not forgotten.
"It was hard for me last season but we want to win this competition for everyone," said Fletcher.
"The most disappointing thing about last season was that we didn’t do ourselves justice in that final."
AC Milan midfielder Mathieu Flamini wants to beat Champions League opponents Manchester United and eventually meet Arsenal in the final.
Flamini is not only keen to beat United, he is desperate for a dream final against the Gunners.
“I still have many friends at Arsenal and I talk to them a lot. Especially Cesc Fabregas who is a very special player. I would love to play against him – and them – in the final in Madrid.
“When I left it was a great opportunity to play for one of the biggest teams in the world.
“But I will never forget my time with Arsenal. Arsene Wenger developed me as a player and I will always be in his debt.
“Arsenal are in my heart – and will be in my heart for ever. But I’m very happy at Milan now.”
AC Milan have agreed a bumper €60m shirt sponsorship deal with Fly Emirates.
From July this year, Milan will wear the Fly Emirates logo on their shirts, just like Arsenal, Paris St. Germain, Olympiacos and Hamburg.
Rossoneri vice-president Adriano Galliani said: “It's a sponsorship. The acquisitions of shares were never spoken about, nor were the naming rights of the stadium. Also because Emirates are interested in a new stadium to which they can give their name while San Siro, for the football fans, will always remain San Siro.”
Galliani also confirmed that Milan would be participating in this summer's Emirates Cup, which will be hosted by Arsenal between July 31 and August 1.
“Arsenal will be the opponents and two other clubs who are yet to be established. Our success attracts major international sponsors and I am sure that we will also fly with Emirates over the next few years.”
AC Milan will take part in the annual Emirates Cup tournament held in London alongside Arsenal, and two other teams to be announced at a later date, the club have announced.
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Club vice president Adriano Galliani said a sponsorship deal had been struck with Fly Emirates, and they will play in the tournament which takes place between July 31 and August 1.
"Milan will play at the Emirates Cup in London," Galliani told the press after signing the deal.
"The opposition will be Arsenal and two other clubs of international level that are yet to be established."
Milan will also be travelling to Dubai as part of their winter training break.
"Our fans in Dubai will see us again in the new year and we will be there for five or six days during the winter break," he added.
He hopes the deal with Emirates will help Milan continue to achieve sustained success.
"Our successes attract major international sponsors and I am sure that we will also fly with Emirates over the next few years," he concluded.
