City were the first team to win back-to-back Premier League titles since Manchester United 10 years ago when
Manchester City have assembled the first billion euro squad, says a report by the CIES Football Observatory.
City, who have benefitted hugely since the Abu Dhabi group takeover in 2008, spent (1.014bn/£906m) on their current players with Paris St-Germain (913m euros) and Real Madrid (902m euros) in second and third.
The Premier League champions' squad is worth 32 times the value of Norwich's.
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Manchester United have the second most expensive English squad (751m euros).
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CIES, the football statistics research group based in Switzerland, looked at the senior players in each team in all four of Europe's biggest leagues - Premier League, La Liga, Serie A and Bundesliga.
Paderborn, promoted to the German top flight in the summer, were found to have the cheapest squad, valued at 4m euros (£3.57m).
The top 10
Club / squad value in euros
1. Manchester City - 1.014 billion
2. Paris St-Germain - 913m
3. Real Madrid - 902m
4. Manchester United - 751m
5. Juventus - 719m
6. Barcelona - 697m
7. Liverpool - 639m
8. Chelsea - 561m
9. Atletico Madrid - 550m
10. Arsenal - 498m
Selected others
11. Everton - 486m
12. Tottenham Hotspur - 465m
19. Leicester City - 312m
21. West Ham United - 259m
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Source: bbc.com