Aston Villa have moved into the official top 20 richest clubs in the world.
But Villa's annual income of £55.9 million for the 2003-04 season is just one-third of the No 1 team in the Deloitte Football Money League.
Manchester United have retained their position at the head of the rich list for the eighth year in a row, with an annual income of £172 million.
While second-placed Real Madrid closed the gap, with an income of £156.3 million, and AC Milan are in third spot, Chelsea have climbed from tenth place to fourth in the space of just 12 months.
Villa are ranked eighth in the Premiership clubs, having returned to the top 20 after a five-year absence
But Chelsea have been tipped to rival Manchester United's position as the richest club in the world in the next couple of seasons.
And Arsenal could also challenge Real and Milan to complete a Premiership whitewash of the top three positions after the opening of their new stadium next year.
Chelsea's income for last season increased dramatically by 62 per cent to £143.7 million from £93.1 million in 2002-03, and further major increases are expected.
The report said: "Having devoured two thirds of Manchester United's revenue lead in one season, Chelsea will not think that future overall leadership is beyond them."
Chelsea have recently concluded an eight-year kit deal with adidas worth £100 million, while a lucrative sponsorship agreement is also just around the corner.
Their progress has come at a huge price, with the club having just reported a pre-tax loss of £88 million for last year - the biggest in English football history - after spending £175 million on new players and doubling the wage bill to £115 million.
However, this latest league table is based on income, with Chelsea's finances having been underpinned by the multi- million pound fortune of owner Roman Abramovich.
United continue to lead the way, with the report concluding they "are likely to remain the club to beat in future money leagues", with a significant advantage over their nearest rivals.
However, while Juventus fell away markedly, Arsenal are also on the up, with the opening of their new 60,000-capacity Emirates stadium in 2006 set to revolutionise their income levels.
The sports business group at Deloitte, who compiled the report, believe British clubs lead the way in maximising stadium revenues, particularly in terms of corporate hospitality and non-matchday activities.
There were a total of eight English clubs in the worldwide top 20, including newcomers Manchester City. Five clubs came from Italy, plus two from Scotland - Celtic, in 13th place, and Rangers, in 19th spot - and the same number from Spain and Germany.
