Chelsea star Eden Hazard is now worth more on the transfer market than Real Madrid forward Cristiano Ronaldo, according to the CIES Football Observatory.
The research group published the bi-annual list on Monday which listed Barcelona talisman Lionel Messi, 28, as football's more valuable player at €250.7 million.
Messi's Barca teammate Neymar, 23, is second in the ranking at €152.7m, a large increase from his value of €94m back in June's edition of the study.
Hazard, 24, is considered to be worth €130.5m which is more than Ronaldo, who is fourth in the list at €114m -- the Portugal international moved for a then-world record fee of £80m (€94m) when he signed for Real from Manchester United in 2009.
The values are estimated using an "exclusive algorithm" which considers "performance and personal characteristics of players (age, position, contract duration, etc.), as well as to the competition level and results of their employer club and national team represented (if any)."
Hazard was named PFA and Football Writers' player of the year after he helped Chelsea to the Premier League title last season.
Ronaldo scored 54 goals in all competitions for Los Blancos in 2015 but CIES cite his upcoming 31st birthday in February as reason for his decrease in value from €119m in June.
Messi, Neymar and Ronaldo are the nominees for the 2015 FIFA Ballon d'Or, the winner of which will be announced in Zurich on Jan 11.