The 23rd edition of the table shows an 11 per cent rise in combined revenues, excluding transfer fees, for the top 20 clubs who between them enjoyed turnovers of a record 9.3 billion euros ($A15b) for the 2018-19 season.

Real have dropped to second, generating income of 757.3m euros ($A1.22b), while Manchester United remain third.

Arsenal have slipped out of the top 10 or the first time.

Barcelona's rise to the top with income of 840m euros ($A1.36b) is a clear sign of 'a club adapting to changing market conditions' by bringing merchandising and licensing activities in-house, according to Dan Jones, partner in the Sports Business Group at Deloitte.

"Barca have reduced the reliance on broadcast revenue and focusing on growing revenues within it's control," he said.

"Barca are on course to achieve its stated ambition to be the first one billion Money League club in years to come."

Bayern Munich remain in fourth position with Paris Saint-Germain entering the top five ahead of Manchester City.

Champions League winners Liverpool are seventh, one place ahead of Tottenham Hotspur who they beat in the final.

Tottenham's income pushes them ahead of Chelsea and Arsenal, making them London's highest revenue generating club for the first time since 1996-97.

The Premier League's eye-watering broadcast deals enables it to dominate the Money League with eight clubs inside the top 20.

Serie A has four with Juventus 10th while Spain's La Liga and the Bundesliga have three each.

Juventus' revenue increased 17 per cent to 459.7m euros ($A742.6m), helped by the arrival of talismanic Portuguese forward Cristiano Ronaldo.

While Jones says revenue growth in Europe's big soccer leagues continues to outpace other sectors, mainly because of broadcasting rights, there is a marked concentration of increase at the top with the combined revenue of the top five clubs more than the combined total of the clubs ranked 10th to 20th.

The highest-ranked club outside the big five leagues is Ajax in 23rd place.

Australian Associated Press