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Craig, 44, who is in Australia driving the release of Skyfall - his latest outing as 007 - will be paid £31 million to star in two more titles of the 50-year-old franchise, The Sunday Times reports.
As Skyfall continues to prove itself a box office scorcher around the globe, plans are under way for a 2014 release of the next 007 instalment, followed in 2016 by Craig's fifth turn in the tuxedo.
Craig's pay packet has taken a steep climb since he first appeared as Bond in the 2006 flick Casino Royale, for which he received £3 million, the newspaper reported on Sunday.
Quantum of Solace, released in 2008, brought in £7 million for the MI6 tough guy role, while Craig has collected £17 million for his latest appearance.
Craig's 007 predecessor Pierce Brosnan earned up to US$16.5 million for his third and final Bond film, Die Another Day.
Sean Connery, the original Bond, was paid an average of £218,000 for each film, equating to about £3.2 million in 2012 terms.
The same calculations saw Australian George Lazenby paid £468,000 for his one-off appearance, Roger Moore earn a £6.3 million on average per film and Timothy Dalton pocket £5.4 million per film for his efforts.
The latest deal offered to Craig means he will earn £9.6 million on average for each of his five Bond films.