On the list, Manchester United were valued at $3.69 billion, an 11% jump compared to last year.
"Manchester United's return to the top spot is a testament to their powerful brand and marketing acumen," Forbes Media assistant managing editor Mike Ozanian said in a statement.
Barcelona FC came second on the list with a value of $3.64 billion while Real Madrid, who won the Champions League and Spanish title, and has been on top of the list for the past four years, dropped by 2% falling to No. 3 on the list, with valued of $3.58 billion.
Rounding out the top five, Bayern Munich came at No. 4 with $2.71 billion and Manchester City at No. 5 with $2.08 billion.
See the ranking below according to Forbes:
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Rank Teams Current Value
#1 Man. United $3.689 B
#2 Barcelona $3.635 B
#3 Real Madrid $3.58 B
#4 Bayern Munich $2.713 B
#5 Manchester City $2.083 B
#6 Arsenal $1.932 B
#7 Chelsea $1.845 B
#8 Liverpool $1.492 B
#9 Juventus $1.258 B
#10 Tottenham $1.058 B
#11 PSG $841 M
#12 Borussia Dortmund $808 M
#13 AC Milan $802 M
#14 Atletico de Madrid $732 M
#15 West Ham United $634 M
#16 Schalke 04 $629 M
#17 AS Roma $569 M
#18 Inter Milan $537 M
#19 Leicester City $413 M
#20 Napoli $379 M