The 20-year-old's current deal has just nine months left to run, but the Baggies do have the option in their favour that will allow them to extend that by a further year.
However, Berahino has suggested that he would have little hesitation in committing himself to fresh terms.
"We are talking. It is between me and the club to sort it out and soon something will be done," the Express & Star quotes the attacker as saying.
"We've just got to wait. I have been here since I was 11. It feels like all my life. It's a great club and they have brought me on and educated me well, so why not stay?"
Berahino was speaking after he had scored the winning goal against Manchester United on Saturday afternoon.