Barcelona 'set to convince Pedri to pen a new five-year contract with £509M release clause' despite financial issues affecting Joan Laporta's Catalans

• Barcelona star Pedri has reportedly agreed a new five-year contract at the club 
• The 18-year-old wonderkid's current contract expires at the end of this season
• Pedri has impressed at the Camp Nou since making his Barca debut last season
• The midfielder has also been capped 10 times by Spain and shone at Euro 2020 

Spanish wonderkid Pedri is ready to accept a new contract at Barcelona until 2026 with a whopping £509million release clause to his name, according to reports. 

The 18-year-old midfielder, who has already amassed over 50 appearances for the Catalans since making his first-team debut last season, was linked with a move away from the club as his current contract expires at the end of this season.

Cash-strapped Barcelona have suffered a difficult few months both on and off the pitch with the departure of Lionel Messi to PSG on a free transfer, while other stars such as Antoine Griezmann have been let go to cover their debt costs. 

But according to Goal, the LaLiga giants have received better news after Pedri told them he is willing to commit his career to the Camp Nou via a new long-term deal.

The new deal will not only give the Spanish midfielder a wage rise but the hefty release clause is likely to scare off European giants such as Manchester City and Paris Saint-Germain - two of the richest clubs in the world. 

The teenager signed Barcelona from Las Palmas for just £4.2m in September 2019 and remained at the second division side for the 2019-20 season.  

Pedri justified Barcelona's fee for him despite the fact he had never kicked a ball in professional football before he signed terms with the club, scoring four times in 37 games for the Canary Islands club. 

The midfielder was then ever-present for the Catalans in his debut Camp Nou campaign, making 52 appearances in all competitions for the Copa del Rey champions last term. 

His displays earned him a place in Spain's Euro 2020 squad, with Pedri named as the competition's Young Player of the Tournament and was named in the Team of the Tournament as well. 

In a busy summer for the 18-year-old, Pedri also played in Spain's Olympic Games squad in Tokyo, but has played just four times for Barcelona this season due to a muscle injury. 

Barcelona are set to tie Pedri down to a new contract despite the financial crisis that has hung over the club during this calendar year.

Club president Joan Laporta announced a debt of £1.15billion earlier this year, blaming the previous regime, led by Josep Maria Bartomeu, for the financial woes.

The Catalans are also reportedly looking to tie down new No 10 Ansu Fati to a long-term contract, while they are also blooding through more midfield teenage talent in wonderkid Gavi, who impressed for Spain in the Nations League finals this month.