Mbappe is estimated to earn $128 million (£115 million) for the 2022-23 season before agents' fees, a record for Forbes' annual rankings, with PSG teammate Messi second at $120 million (£108 million) and Manchester United's Ronaldo ($100 million/£90 million) occupying third spot.
PSG's Neymar ($87 million/£78 million) and Liverpool forward Mohamed Salah ($53 million/£47 million) rounded off the top five.
Erling Haaland (21), who has made a blistering start to his Manchester City career after joining the club from Borussia Dortmund in the close season, makes his debut in the top 10 with earnings of $39million (£35 million).
The rise of Frenchman Mbappe and Norwegian Haaland, the only players under the age of 30 on the list, signals a shift in the global game, the Forbes report said, as Messi and Ronaldo edge closer to the end of their glorious careers.
In total, the 10 highest-paid soccer players are expected to collect record earnings worth $652 million (£587 million) this season, up 11% from last year's $585 million (£526 million).