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

The Italian is set to be rewarded with a four-year contract worth around $21.6 million, after helping Leicester win their first Premier League title.

Thai father and son businessman, 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. That would take the 64-year-old manager to around $21.6 million in total, including bonuses, if he completes the new deal. Of that, Ranieri will receive a $4.3 million bonus for Leicester's performance in the Champions League alone. Ranieri's weekly salary will rise 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.

There have been recent reports that the Italian Football Federation wants to discuss with Ranieri the possibility of leading the national team after Euro 2016, replacing Conte – the coach who will join Chelsea. Therefore, Leicester's owners are expected to officially hand Ranieri a new contract after the final round of the season on Sunday, May 15.

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 of them being 5,000-1 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.”

Ranieri, meanwhile, said when asked last week: “I have a three-year contract, so why would I sign a new one? I have just won a major European and world championship. But I want to be even more successful if possible.”

But the Thai father and son owners want to retain all the key players who 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.

“We are close as a family, we understand each other and we want to look in the same direction. Initially we wanted the team to fight for survival this season, 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 reality is 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 hold of their biggest stars amid interest from bigger clubs. Striker Jamie Vardy has signed a new contract that will see his weekly wages rise to £100,000. Midfielder Riyad Mahrez is also set to sign a new deal worth £101,000 a week.

“We will try to do everything we can to build the team, keep the players we want and add some quality players,” Top said. “We cannot compare ourselves to 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