Naomi Osaka has beaten Serena Williams to the top spot in the latest Forbes Highest-Paid Female Athletes report, following earnings totalling almost $38 million.

Forbes had previously confirmed that two-time Grand Slam winner Osaka beat 23-time major champion Williams to the title of highest-paid female athlete for the past year.

Osaka, who won the 2018 US Open and 2019 Australian Open, raked in $37.4 million with $34m coming from endorsements deals with the likes of Nike, Nissin, Procter & Gamble and All Nippon while $3.4m came from prize money.

According to Forbes "Among all tennis players, only Roger Federer made more than Osaka from endorsements."

The 22-year-old edged American Williams who earned $36m with $32m coming from endorsements alone, while French Open champion and current world No 1 Ashleigh Barty is a new entrant as she is in third place having earned $13.1m last year.

Reigning Wimbledon champion Simona Halep ($10.9m) and US Open winner Bianca Andreescu ($8.9m) complete the top five and are followed by two-time Grand Slam winner Garbine Muguruza, world No 5 Elina Svitolina, Australian Open champion Sofia Kenin and three-time major champion Angelique Kerber.

The only non-tennis player in the top 10 is United States Women's National Team player Alex Morgan.

Top 10 Forbes Highest-Paid Female Athletes:

1. Naomi Osaka $37.4m ($3.4m prize money, $34m endorsements)

2. Serena Williams $36m ($4m prize money, $32m endorsements)

3. Ashleigh Barty $13.1m ($10.1m prize money, $3m endorsements)

4. Simona Halep $10.9m ($6.9m prize money, $4m endorsements)

5. Bianca Andreescu $8.9m ($4.9m prize money, $4m endorsements)

6. Garbine Muguruza $6.6m ($2.1m prize money, $4.5m endorsements)

7. Elina Svitolina $6.4m ($5.4 prize money, $1m endorsements)

8. Sofia Kenin $5.8m ($4.8m prize money, $1m endorsements)

9. Angelique Kerber $5.3m ($1.3m prize money, $4 million endorsements)

10. Alex Morgan $4.6m ($400,000 salary/bonus, $4.2m endorsements)

- TEAMtalk media