Frank Lampard is now the eighth highest-paid manager in the Premier League after taking over as Chelsea boss.
The Blues confirmed that the club legend will take over from Maurizio Sarri on a three-year deal believed to be worth £5m per season.
Frank Lampard left Derby after one season to take over as Chelsea manager
But that figure is massively eclipsed by Manchester City boss Pep Guardiola, who recently signed a new deal that nets him £20m a season.
Guardiola is by far the highest-paid Premier League boss and earns more than double any other manager in the division.
Mauricio Pochettino is paid £8.5m a year by Tottenham while Liverpool boss Jurgen Klopp and Manchester United manager Ole Gunnar Solskjaer both earn £7.5m per season.
West Ham went all out to land Manuel Pellegrini as their new manager by paying him £7m per season, while Southampton are forking out £6m a year to Ralph Hasenhuttl for his services.
Arsenal manager Unai Emery is also on £6m per season at the Emirates, which puts him ahead of new Blues chief Lampard.
The Chelsea manager's salary of £5m a year is in line with Leicester manager Brendan Rodgers and makes him the lowest paid in the top six.
Lampard is inexperienced in management with just one season at Derby under his belt.
Highest Paid Premier League Managers
Mauricio Pochettino (left) and Pep Guardiola (right) are the two highest-paid managers in the Premier League
The 41-year-old guided the Rams to the Championship play-off final where they were beaten by Aston Villa.
But 'Super Frank' has landed his dream job at Stamford Bridge and described himself as "immensely proud".
He said: "Everyone knows my love for this club and the history we have shared, however, my sole focus is on the job in hand and preparing for the season ahead.
"I am here to work hard, bring further success to the club and I cannot wait to get started."