Chelsea's revenues were boosted significantly by winning both the UEFA Champions League and the FA Cup, while Manchester City was joint top riser, jumping from twelfth to seventh spot.
The English champions' revenues rose to 286 million euros from 170 million euros the previous season, thanks to winning the Premier League and a controversial sponsorship deal.
The club has signed a 10-year deal with Etihad Airways worth a reported 480 million euros, the paper reported.
Meanwhile, Arsenal dropped one place to sixth due to Chelsea's success on the pitch, but recorded a 40m-euro jump in revenues, it further said.
Liverpool held on to ninth spot, with revenues growing by 30m euros despite a disappointing season in the Premier League and a lack of European football for the first time since 1999/2000, the paper added.
Italian giants AC Milan and Juventus, which won Serie A, took the other places in the top 10 list.
With total revenues of 513 million euros, Madrid equalled Manchester United's record of topping the list for eight consecutive seasons.
Deloitte said Madrid has led the way in the phenomenal level of revenue growth enjoyed by the sport's top clubs over the past two decades. (ANI )