The 37-year-old, real name Nicholas Nemeth, will now pocket just over a £1million annually as details of his deal were leaked online.
And according to Justin Barrasso of Sports Illustrated, that puts him behind only Brock Lesnar and John Cena on the wage list of the wrestling company.
Former world champion Ziggler returned to SmackDown Live this week for the first time since December.
After winning the US Championship, he gave up the belt before Christmas amid rumours he was going to leave WWE, although he did make an appearance at last month's Royal Rumble.
Ziggler has worked for Vince McMahon for 13 years and is considered one of the greatest in-ring performers of his generation.
UFC legend and current Raw Universal champ Lesnar is the highest earner in WWE.
The 40-year-old is raking in £8.55m on a yearly basis according to Forbes - although his current deal is set to expire after WrestleMania 34 in April.
And he is followed by 16-time world champion Cena.
The veteran is reported to be paid £5.7m-a-year when the last wage list was published.
Sourced from The Sun