Gavi's Premier League suitors, Manchester City and Liverpool, have been told he is set to sign a new long-term contract at Barcelona, 90min understands.
Since the turn of the year, Barcelona have been looking to finalise a deal with Gavi, who has emerged as one of the best young players in world football.
His current deal expires in 15 months and has a release clause of just over £40m, which has seen some of Europe's biggest sides take an interest in his situation.
Sources have confirmed to 90min that representatives have made clubs aware he is set to sign a new long-term deal - which is set to have a release clause of €1bn, similar to that of his good friend and midfield partner Pedri.
The new deal will see Gavi become one of the best paid teenagers in world football and marks a staggering rise in the game.
He only signed his first professional deal in September 2020 with Barça's B side and he made his first-team bow under Ronald Koeman less than 12 months later. Just weeks later, he was named in the senior Spain squad by Luis Enrique.
Now key to Barcelona and Spain's plans, he is ready to commit to the Catalan giants, which will be very good news for Xavi. The Barça boss confirmed this week he was hoping for his new deal to be finalised soon, along with defender Ronald Araujo, who is also holding talks.
"Gavi and Araujo are very important to us for the future," said Xavi in his weekly media briefing.
"Barca cannot allow them to leave. I am positive and I want to think that both of them will renew their contract."