Having recently lost Brazilian superstar Neymar in an aggressive contract buy out by Paris Saint-Germain, Barcelona have put a 500 million euros ($611 million) buy out clause in Pique's new contract.
"The club and the player have agreed terms on a new deal through to June 30, 2022. We will announce when the official signing will take place in a couple of days," Barcelona said on their website.
The 30-year-old joined Barcelona from Manchester United in 2008 and has proved an increasingly steady presence as centre-back with the Catalans winning three Champions Leagues and six Spanish Liga titles during his tenure.
Barcelona currently top the Spanish League with a nine points lead over Atletico Madrid, but are an impressive 19 points clear of fourth placed arch-rivals Real Madrid.
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