Pedri has agreed a new five-year contract at Barcelona which contains a €1 billion release clause.
The 18-year-old midfielder made over 50 appearances for Barca last season and his contract was due to expire at the end of the 2021/22 campaign.
But the cash-strapped club have signed him to a new long-term deal and officially announced an agreement had been reached on Twitter on Thursday afternoon. Barca have confirmed he will sign the new contract on Friday.
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Pedri, who joined Barcelona from Segunda Divsion side Las Palmas in September 2019 for £4.2m, has reportedly been given a wage rise alongside a substantial release clause to fend off Europe's elite clubs from signing him.
The Spain international was part of Spain's Euro 2020 squad and was named as the competition's young player of the tournament. He was also part of the team of the tournament.
The central midfielder then went to play for Spain's Olympics side at Tokyo 2020 and has made four Barca appearances so far this season.
With Barcelona letting Lionel Messi and Antoine Griezmann go in the summer transfer window, the club are keen to tie down their best young players to new deals.
The Catalan giants are currently in talks with Ansu Fati, who took the number ten shirt from Messi, over a new long-term contract.
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