The 18-year-old had less than 12 months remaining on his previous deal — though the club did have the option to extend that by a further two seasons.
Nevertheless, they have instead opted to push ahead and secure him to entirely fresh terms, with the talented midfielder committing himself even longer to the Catalans.
A Barca statement read: “FC Barcelona and the player Pedro ‘Pedri’ Gonzalez have reached an agreement to renew his contract until June 30, 2026.
“The termination clause is set at one billion euros (1.15 billion dollars).”
Pedri has experienced a rapid rise since joining Barca from Las Palmas last year, establishing himself as a key player after initially being signed for the Blaugrana’s B team.
He stepped up to the senior side after impressing Ronald Koeman in his first pre-season.
Koeman used Pedri in 37 top-flight games last term, with only Frenkie de Jong playing as many matches for the Catalan club.
Many comparisons have been drawn between Pedri and Barca great Andres Iniesta due to the former’s nimble stature and passing ability.
The teenage playmaker has also shown his class at international level, impressing for Spain at Euro 2020 and going on to win a silver medal at the Tokyo Olympics.
At Euro 2020, Pedri became only the second European player aged 18 or younger to start as many as five matches in a major tournament.
His last-16 appearance against Croatia made him the youngest player to ever start a knockout game in the European Championship.
Barca, now they have tied down one of their key assets, will be hoping to also have more.
This will be in agreeing new long-term deals with the likes of Ansu Fati, Gavi and Ronald Araujo as they look to the youths amid a rebuild.