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The Bissau-born teenager had been linked with a move elsewhere but has committed his future to the financially-stricken Catalan giants.
Fati’s new contract will officially be signed on Thursday and will see him follow in the footsteps of team-mate Pedri, who last week agreed new terms which also included an £842million release clause.
— FC Barcelona (@FCBarcelona) October 20, 2021
In 47 appearances for Barca, the forward has scored 15 goals and is the second youngest player to debut for the club after he made his first appearance aged 16 and 298 days.
The 18-year-old has racked up numerous records during the past three seasons, becoming Barcelona’s youngest LaLiga goalscorer, the youngest player to score and assist in a LaLiga match and the club’s youngest player in the Champions League
Despite suffering a torn meniscus in his left knee in November, Fati returned after 10 months on the sidelines to help lift some of the gloom at the Nou Camp with two goals in five appearances this season.
— LaLiga English (@LaLigaEN) October 20, 2021
A product of Barca’s La Masia academy, he took on the number 10 shirt after Lionel Messi left to sign for Paris St Germain in the summer.
The news was announced soon after Fati had appeared as a half-time substitute in Barcelona’s 1-0 win over Dynamo Kiev in the Champions League on Wednesday.