It looks like Johnny Depp has finally found competition in Leonardo DiCaprio as the "Titanic" star knocked the infamous captain of "The Pirates of the Carribbean" one notch down on Forbes' list of the highest-earning actors.

According to World Entertainment News Network, despite "Alice in Wonderland's" huge earnings with over $1 billion, Depp fell from first to second on the list. However, he is on the course to reclaim his title next year following the success of "Pirates of the Caribbean: On Stranger Tides."

Adam Sandler, Will Smith and Tom Hanks complete the list of the top five highest-paid actors in Hollywood. DiCaprio earned almost twice as much as Hollywood's highest-paid actresses -- Angelina Jolie and Sarah Jessica Parker tied for No. 1 on the income list.

The magazine estimates that DiCaprio earned $77 million in the 12-month period ending in May. Thanks to the staggering performance of Christopher Nolan's "Inception" as well as the impressive run by Martin Scorsese's "Shutter Island". As Forbes points out, DiCaprio took an unconventional approach to his career, like Depp, and this helped in catapulting him to superstardom. "Few of his films were blockbusters, but they established DiCaprio's reputation as someone who could work with the best directors on the planet," the article reports.