The 22-year-old joined the Sky Blues for £51million in the summer, and has hit the ground running since his arrival.
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Haaland has bagged 19 goals in 14 appearances in all competitions so far, including three consecutive home game hat-tricks.
According to the Daily Mail, Haaland gets a basic salary which is in line with other higher earners at the club.
However, the report adds he receives a series of substantial, almost-guaranteed bonuses, which sees his weekly wage surge beyond the £850,000 mark.
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Due to a series of the relatively straightforward bonuses, Haaland will reportedly pick up at least £45m (£865,000-a-week) a year.
Pep Guardiola's side beat off top European clubs to land Haaland, having agreed terms with his representatives in April.
The £51m fee City paid in his release clause, is seen as a bargain given his prolific goalscoring record for them so far.
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Haaland was on target on Wednesday night as City defeated FC Copenhagen 5-0 in the Champions League.
More records are expected to be broken between now and the remainder of the season, and it remains to be seen just how many goals he bags before the end of the campaign.