Sergio Busquets will sign a new long-term contract with Barcelona on Tuesday.
The 25-year-old, who came through the club's youth system, has made 238 appearances for the Spanish champions since making his first-team debut in 2008.
A statement on the Spanish outfit's official website has also confirmed that the defensive midfielder's buy-out clause will stand at £130m.
"At 1.30pm on Tuesday, Sergio Busquets will sign a new contract that will keep him at the club until June 30th 2018, with the option of a further year," read the statement.
It is understood that the parties reached the agreement in July, but the news will be officially confirmed this week.