El Mundo Deportivo says Real president Ramon Calderon met with his board on Monday where it was agreed that the amazing bonus would be offered to coach Bernd Schuster's players.
But the mega bonuses do not end with the Champions League, Calderon and his directors also agreed a £250,000-a-man carrot for this season's Liga title and £200,000-a-man for the Copa del Rey, which has not been won by Real Madrid for 14 years.
Should Real win the Treble, each player will receive a staggering £850,000 in bonuses.