Barcelona have officially confirmed midfielder Pedri has agreed a new contract with the club which will last until 2026.
News of the imminent agreement came on Thursday, and the Catalan outfit have now confirmed the youngster will sign a fresh deal with a hefty release clause.
Their statement reads: "FC Barcelona and the player, Pedro González 'Pedri', have agreed a contract extension up to 30 June 2026. The release clause is set at 1 billon euro.
"The new contract ties down the player from the Canary Islands for the rest of this season and a further 4 years. The official signing will take place on Friday 15 October."
The young Spaniard has enjoyed a remarkable breakout year both at club and international level. He played 52 times for Barça in all competitions last season, scoring four goals, before starring at Euro 2020 with his national side. He was named in UEFA's Team of the Tournament and soon jetted off to play at the Summer Olympics, helping Spain to a silver medal.
Pedri had previously played a season in the Segunda Division with Las Palmas, where his performances convinced Barça to sign him.
The contract signing will take place on Friday in a 'private ceremony' in president Joan Laporta's office before a photo session and a press conference.
The release clause of €1bn is the highest the club have ever set, eclipsing those of former forwards Antoine Griezmann (€800m) and Lionel Messi €700m. That pair were never sold for those fees and instead departed this summer as a result of Barça reckless financial strategy.
Pedri's performances over the past year have also seen him nominated for the Ballon d'Or, though the likes of Lionel Messi, Robert Lewandowski and Jorginho are thought to be the frontrunners for that award.
Barça may look to secure the futures of a number of their other young stars next, with Ansu Fati and Gavi among those in need of new deals.