Ferrari wants a new three-year contract with Alonso, extending his current tenure to 2019, when the double world champion will be 38, the sports daily La Gazzetta dello Sport also reported.
And Autosprint said it is "not just rumours" that the driver, arguably the best overall in formula one at present, wants a whopping EUR 35 million per season.
That equates to almost $50 million per year, or $140 million over the life of the new deal.
It is reportedly almost a doubling of Alonso's current Ferrari retainer, and perhaps beyond even the dizzying heights of Michael Schumacher's earning power with the same Maranello based team.
Germany's Bild newspaper is reporting the same news, claiming Alonso's new fee would be "one of the largest contracts in sports history".