Teenage midfielder Pedri has agreed a new deal with Barcelona.

The contract extension will keep the 18-year-old with the club until 2026.

A release clause of €1billion has also been included in the new deal.

The Spaniard has already established himself as one of Barca's key players.

He joined from Las Palmas, a second division side, for €5million last year.

Pedri made 53 appearances for the Catalan giants last year - more than any other player - and amassed a total of 74 appearances for the year.

That included a prominent role with Spain in Euro 2020, as well as his exploits at the Olympic Games where Spain took silver.

He is poised to sign the new deal on Friday, after which a press conference will be held.

It's done #DreamTeen pic.twitter.com/7dbumsqJYB

— FC Barcelona (@FCBarcelona) October 14, 2021

His decision to sign a long-term contract comes as Barcelona's challenges continue.

The club is currently languishing in ninth place in La Liga, after just three wins in their first seven games.

Manager Ronald Koeman has come under increasing scrutiny, but so far remains in place.

Their financial woes are also having a major impact on the club's ability to function.

Their debt now exceeds €1billion.