Champions League clubs could make an extra £23m in earnings under the new format for this year's competition.
The traditional group stage has been replaced by a new league phase, with the number of teams and games increased.
On Thursday, UEFA will make the draw for the league phase in Monaco, with English sides Manchester City, Arsenal, Liverpool and Aston Villa set to discover which eight sides they will play.
The financial importance of qualifying for the Champions League will be heightened by a 20 per cent increase in earnings for clubs taking part in this season's competition.
Last season, the most clubs could earn from participation in Europe's elite competition was £71.7m, which will rise to £92.8m. In 2022-23 Man City made £114m in TV and prize money from UEFA in the year they won the competition, and the Times have reported the financial growth this year could be worth an extra £23m a year to an English club.
The first draw under the new Champions League format will take place Thursday in Monaco
Man City made £114m in the year they won the competition in 2022-23, and teams could make an extra £23m in prize money under the new format for this year's tournament
Liverpool and Arsenal will discover their league phase opponents on Thursday
Under the new distribution of funds from UEFA, all 36 clubs who qualify will make £15.7m compared to £13.20m previously.
There will be a bonus provided on where a club finishes in the league phase ranging from £8.36m down to £230,000.
Clubs who finish in the top eight will receive an additional £1.69m, with the following eight sides to reach an additional £840,000.
Performance bonuses will be awarded of £1.77m per win and £590,000 per draw - which is similar to last season but teams will see increases due to the larger amount of games.
Clubs qualifying for the last-16 will get £9.28m, with £10.5m for the quarter-finals, £12.6m for the semi-finals, £15.6m to reach the final, and an additional £5.5m for whoever wins the competition.
The most teams can earn from their participation in the tournament as well as performance bonuses has gone up from £71.7m to £92.8m, with other earnings coming from the 'value pillar' which will replace TV pool and UEFA club coefficient elements.
The increase could only further spark fears among Premier League teams that the gap between those in Europe's elite competition and the rest will increase.
This year's competition sees the start of new TV deals for Amazon - who will have the first pick of Tuesday night matches - and the BBC, who will host a weekly highlights show. TNT Sports will continue to broadcast other live games.
Aston Villa have qualified for the Champions League for the first time in the Premier League era
Each club in the league phase will play eight others, with four matches at home and four away
Each club in the league phase will play eight others of varying strength, with four matches at home and four away.
A UEFA source told the Times: 'There was declining interest in the old format, with some groups decided after only three or four rounds. The new format should keep the interest going much longer.
'We have also given extra interest to the domestic leagues with a fifth place going to the two countries that had the best performances in Europe — Germany and Italy from last season.
'For the UK, we have highlights on the BBC for the first time, which is important to ensure greater eyeballs from free-to-air TV.'