According to American business magazine, United are valued at $3.69bn, after their value rose by 11 per cent, while Spanish giant Barcelona are second with a worth of $3.64bn.
“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.
Real Madrid, who have been at the top for the past five years, dropped down to third with a value of $3.58bn, after seeing their value drop by 2 per cent.
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German champions Bayern Munich are in fourth place, with Manchester City making up the top five.
Arsenal, Chelsea, Liverpool, Juventus and Tottenham complete the top ten respectively.
Forbes’ Top 20 Most Valuable Football Teams:
1. Manchester United $3.69bn (£2.86bn)
2. Barcelona $3.64bn (£2.82bn)
3. Real Madrid $3.58bn (£2.77bn)
4. Bayern Munich $2.71bn (£2.1bn)
5. Manchester City $2.08bn (£1.61bn)
6. Arsenal $1.93bn (£1.5bn)
7. Chelsea $1.85bn (£1.43bn)
8. Liverpool $1.49bn (£1.15bn)
9. Juventus $1.26bn (£976m)
10. Tottenham $1.06bn (£821m)
11. Paris St-Germain $841m (£652m)
12. Borussia Dortmund $808m (£626m)
13. AC Milan $802m (£621m)
14. Atletico Madrid $732m (£567m)
15. West Ham $634m (£491m)
16. Schalke 04 $629m (£487m)
17. Roma $569m (£441m)
18. Inter Milan $537m (£416m)
19. Leicester City $413m (£320m)
20. Napoli $379m (£294m)