Pedri has committed to a new contract at Barcelona, with the 18-year-old agreeing fresh terms at Camp Nou through to the summer of 2026 - plus a release clause of €1 billion.
Goal were able to confirm on Wednesday that talks with the teenager had been stepped up in a bid to get an agreement over the line.
That has now been done, with the Liga giants retaining the services of such a hot prospect for the next five years.
What has been said?
A statement confirming the deal on Barca’s official website reads: “FC Barcelona and the player, Pedro Gonzalez 'Pedri',have agreed a contract extension to 30 June 2026. The release clause is set at €1 billon.
“The new contract ties down the player from the Canary Islands for the rest of this season and a further four years.”
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Why has Pedri been handed a new contract?
Barcelona only snapped Pedri up from Las Palmas in the summer of 2020, with an initial €5 million all that was required.
The highly-rated youngster hit the ground running at Camp Nou and made 52 appearances during his debut campaign. Four goals were scored, while senior international recognition with Spain came his way in March.
Pedri was then included in Luis Enrique’s squad for Euro 2020 and landed the Young Player of the Tournament prize.
Spain were then helped to the gold medal match at the Olympic Games in Tokyo, but a 2-1 defeat was suffered to Brazil in Pedri’s 74th game of 2020-21.
With his stock soaring, transfer talk began to materialise with German giants Bayern Munich among those to be credited with interest.
Barca had no intention of parting with another prized asset after being forced to watch six-time Ballon d’Or winner Lionel Messi depart the club.
They have put fresh terms in place, with Pedri’s release clause raised to over €1 billion (£846m/$1.16bn) in a bid to fend off admirers.