Here's a look at how the Swede's pay compares with the rest of the league's top earners:
Ibrahimovic is one of L.A. Galaxy's three designated players allowed to earn more than the club's salary cap, a rule that was introduced in MLS in 2007, the year David Beckham joined the Galaxy.
Non-designated first-team players in MLS earn an average of $345,867 per year. That figure is a 13.3 per cent increase on 2018 and a rise of more than 150 per cent from 2014, when the average salary stood at $138,140.
MLSPA executive director Bob Foose said:
"We are encouraged by the continued salary growth that has occurred over each of the last five years. As the league grows and revenues increase, it's critical that we see this kind of continued investment in player compensation up and down the roster.
"Players are the heart of MLS, and if MLS is to become the league of choice that it aspires to be, it needs to keep pace in an increasingly competitive market for players, both domestic and international. We feel good about these trends, and we expect to see them continue."
For Ibrahimovic, he has enjoyed a 380 per cent increase on the $1.5 million salary he took home in 2018.
The 37-year-old played 27 times in MLS last year and racked up 22 goals and seven assists, so it's little wonder he was rewarded with a bumper new contract.
He has continued to be prolific with 11 goals and three assists in 12 games this season, including this stunning effort against New England Revolution in his most recent outing:
Thanks in part to his efforts, it has become exceedingly rare for Galaxy to fail to find the net each week:
Despite his age, the striker is showing little sign of slowing down and could remain an asset for the club for some time to come.
L.A. Galaxy are second in the Western Conference after 16 matches this season, though they're 11 points behind local rivals Los Angeles FC.