The report by BBDO Germany estimates that Ronaldinho, who features in Nike's latest "joga bonito" ad alongside Eric Cantona, is worth £32.6m, surpassing England captain and Real Madrid player Beckham, who is worth £31.2m.
In third place is Manchester United and England striker Wayne Rooney, who has a value of £30.4m and features in advertising for among others Coca-Cola and is soon to be the face of Asda.
Other English players in BBDO's rundown of the top 20 most valuable players include Chelsea midfielder Frank Lampard, who at eighth place is worth £20m, and Liverpool captain Steven Gerrard, who is worth £19.2m.
According to BBDO, while Beckham is still the best-known footballer in the world, Ronaldinho is a more attractive marketing prospect because he is five years younger and was also named Fifa World Player of the Year for the past two years.
The agency says that despite his second-place position Beckham, who is also the face of Gillette, is still strong.
"Beckham owes his second place in the ranking to his status as the metrosexual prototype and the lucrative contracts this generated for him."
Other stars in the list include fourth place Samuel Eto'o, who plays for Cameroon and Barcelona. Lionel Messi, Eto'o's teenage team-mate at Barcelona, who has been described by commentators as the Argentine Wayne Rooney, is fifth placed and valued at £21.1m.
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