Lloyds Banking Group is expected to reveal this week that it paid more than 20 of its staff £1 million or more last year.
The figure, which will be disclosed in the taxpayer-backed lender's annual report, means there were around 770 bankers in this pay bracket at the five big high street firms last year, the Sunday Times said.
Lloyds is predominately a retail bank with most of its million-pound bankers working in its small wholesale banking division, which has to compete for staff with big international investment banks.
Chief executive Antonio Horta-Osorio was paid £2.5 million last year and is due to have details of a new long-term bonus scheme disclosed in the report.
Barclays has already revealed that it paid 428 staff more than £1 million last year, while there were 95 at Royal Bank of Scotland, 204 at HSBC and 19 at Santander.
The disclosures on millionaires club pay have emerged because of new guidelines enforced by Vince Cable's business department.
Lloyds remained in the red last year with £570 million of losses in 2012 after taking more mammoth provisions relating to mis-sold payment protection insurance.
The controversy on bank pay reignited last week when it emerged that Rich Ricci, the investment banking chief at Barclays, sold £17.6 million worth of shares that were awarded in bonuses deferred from previous years. The bank's regulatory disclosure was made on the day of the Budget.
Barclays said the payments were historic and that future bonus payments would be much lower.