Jiangsu have made an approach for the ex-Leicester boss, who is the latest top European name to be targeted in China’s ongoing football revolution.
If a deal is done, Ranieri, 65, sacked by the Foxes only nine months after winning the Premier League, will become one of the best-paid managers on the planet.
Former Chelsea and Tottenham coach Andre Villas-Boas currently earns an incredible £11m a year – after tax – with Shanghai SIPG.
That is more than four times the amount Ranieri was taking home before getting the bullet at the King Power Stadium in February.
Jiangsu are an established part of China’s loaded football elite after spending enormous sums on signing leading players from European clubs.
They first stunned everyone back in January 2016 when splashing £25m on Chelsea’s Brazilian midfielder Ramires.
A few days later they completed an even more astonishing swoop – with a £42.5m deal for Shakhtar Donetsk star Alex Teixeira.
So far, though, they have struggled to attract a major coach from Europe.
Ahead of the new Chinese season, a move for ex-England boss Fabio Capello collapsed.
But with the team rock-bottom of the Super League after six games, Jiangsu are desperate to get Ranieri as soon as possible.
His agent Steve Kutner confirmed earlier this month there are ‘numerous offers’ for Ranieri to consider over the summer.
Culled from The Star