Schalke will make Leon Goretzka the highest-paid player in their history in a bid to prevent the German international moving to the Premier League for free next summer.
Manchester City, Liverpool and Arsenal have all targeted Goretzka, while Bayern Munich and Barcelona also want to sign the midfielder when his contract expires at the end of the summer.
But Schalke are ready to pay him £150,000 a week – and will include bonuses worth £1.75million a year. They are also prepared to include a £50m buy-out clause in the deal.
The 22-year-old is one of the hottest properties in Germany and has been compared to ex-Chelsea star Michael Ballack.
Clubs are free to begin negotiations from January 1 – and Schalke have tabled their new offer in a bid to convince him to stay.
Goretzka will decide on his future during the winter break, and his club will look to sell him in the New Year if he gives a negative answer rather than lose him for nothing in the summer.