France's Toulouse rugby club is offering Dan Carter the biggest contract in world rugby of £750,000 ($1.9 million) for one year, according to Britain's Daily Mail newspaper.
The newspaper reported that the bid doubled the highest salaries in the English game paid to fellow All Blacks Carl Hayman,at Newcastle, and Luke McAlister, at Sale.
It would outstrip any from the most ambitious British clubs, including the Ospreys, who have been in talks with Carter's financial advisers.
Carter and his All Blacks backup Nick Evans are off-contract with the New Zealand Rugby Union (NZRU) at the end of this year, fuelling speculation they will seek to pursue their careers in Europe.
The Daily Mail reported that the NZRU could not compete with an offer which would treble Carter's salary and was increasingly resigned to losing its most valuable player when his contract runs out.
"The only question is whether the 26-year-old signs for Toulouse or Toulon, the second division promotion contenders run by ex-All Black captain Tana Umaga," the newspaper reported.
"Money has been no object to them under the presidency of Mourad Boudjellal."
Any New Zealander playing overseas automatically forfeits his eligibility for the All Blacks but Carter can exploit his fame in Europe for 18 months and still be back in ample time for the 2011 World Cup.
One and a half seasons in Toulouse would reportedly earn him more than £1 million.
Another leading All Black, Wellington loose forward Jerry Collins, has warned that he will consider joining the overseas exodus once his Wellington contract expires at the end of next year.
The NZRU has refused to compromise its ruling that players based abroad cannot be considered for national selection.
View photos: All Blacks off-contract