The Times Educational Supplement says a school in Haringey, north London, offered its head teacher £40,000 to come on board - against council advice.
The Association of School and College Leaders said things would get worse.
General Secretary John Dunford said the £40,000 inducement reportedly offered by Fortismere school in Muswell Hill was the highest golden hello he had heard of thus far.
Head teacher Aydin Onac defended his pay package saying: "All payments made to me are in line with my contract of employment, specifically approved by Haringey Council.
"The package was, in fact, similar to, or substantially less than, that being offered to prospective heads of the new academies.
"I believe that experienced head teachers, managing organisations of some 2,000 staff and students, responsible to 3,000 to 4,000 parents as well as local communities, should be appropriately remunerated if we are to attract quality people to this most challenging of roles."
