Best has scored twice in his first four appearances for Coventry

Best, 21, rejected a new contract in order to move to Coventry during the summer - but as he is under 24, Saints were entitled to compensation.

The figure was set by the Professional Game Compensation Committee.

Notts County will receive a proportion of the fee, as part of the sell-on clause agreed when Best left Meadow Lane as a 17-year-old in July 2004.

Saints may also receive further payments based on appearances, and a further sum if Coventry win promotion to the Premier League during Best's initial contract which runs until 2010.

The south coast club will also receive a sell-on fee of 20% of any surplus above the figure of �650,000 if he moves on from the Ricoh Arena.

Best scored four goals in 19 first-team appearances during his three-year spell with Southampton, while also netting 15 times in 50 appearances during loan spells at QPR, Sheffield Wednesday, Bournemouth and Yeovil.