Ranieri is about to sign a new contract with a salary double

The Italian coach is set to be rewarded with a four-year contract worth around £15m, after helping Leicester win their first Premier League title.

Thai businessman father and son, Chairman Vichai and Vice Chairman Aiyawatt Srivaddhanaprabha, have verbally agreed with Claudio Ranieri on a new four-year contract with much better benefits.

The Sun and Sports Mail both report that Ranieri's base salary will double from $2.17 million to $4.34 million a year. This means the 64-year-old will earn a total of about $21.6 million, including bonuses, if he completes the new contract. Of that, Ranieri will receive a $4.3 million bonus for Leicester's performance in the Champions League alone. Ranieri's weekly salary will increase from $43,000 to $86,000.

Leicester's special treatment is both to thank Ranieri after the recent championship and to keep the coach from being lured by other teams.

Recently, there has been a lot of information that the Italian Football Federation wants to discuss with Ranieri about the possibility of leading the national team after Euro 2016, replacing Conte - the coach who will join Chelsea. Therefore, Leicester's owners are said to have to officially give Ranieri a new contract soon after the final round of the season on Sunday 15/5.

Ranieri's three-year contract in the summer of 2015 included a break clause, allowing either party to terminate the agreement early if results were not as expected in the first season. However, Leicester have defied all predictions this season, winning the title with two games to spare despite the odds being 5000-1 at the start of the season.

Ranieri's reputation has also skyrocketed. He was recently awarded the title of best Italian coach of 2016 by representatives of major Italian sports newspapers.

Vice-chairman Aiyawatt Srivaddhanaprabha told the Sun: “We will definitely talk to Ranieri about a new contract at the end of the season. We haven’t officially sat down to discuss it because there’s still the last game. I want the people who work for me to be happy and enjoy working with good people. And I want him to be rewarded.”

Meanwhile, Ranieri replied when asked last week: "I have a three-year contract, so why should I sign a new contract? I have just won a major European and world championship. But I want to be more successful if possible."

But the Thai father and son owners want to retain all the key members who just brought the first English football championship to King Power Stadium, with bonuses and increased benefits.

“We want to make sure that the club members are happy and want to continue to be involved,” Vice President Aiyawatt stressed.

Billionaire Vichai and his son Aiyawatt want Ranieri to develop sustainably after the recent championship feat.

He continued: “We are close together like a family, everyone understands each other and wants to look in the same direction. Initially, we wanted the team to fight for survival this season, namely to stay in the Premier League. Next season the minimum target is the same. We will try our best until we are ready to fight for a bigger challenge. We also know that the club still needs to do a lot of work to be able to win more titles, or finish in the top four, top five, top seven in the future. We are still in the development phase of the club.”

Leicester's owners are also determined to keep their biggest stars from being lured by bigger clubs. Striker Jamie Vardy has signed a new contract that will see his weekly wages rise to £15,000. Midfielder Riyad Mahrez is also set to sign a new contract worth £101,000 a week.

Top said: “We will try to do everything we can to build the team, keep the players we want and add some quality players. We cannot compare with Man City, Man Utd or Chelsea. The Leicester players have had a successful season playing together as a team. But if they go to another club, the individual players may not play as well.”

According to VNE