FC Barcelona confirmed that young midfielder Pedri has signed a new contract with the club until 2026, with a release clause of up to 1 billion euros.
Pedri's last contract expired at the end of the season and after this summer's transfer window closed, Barca made it a top priority to renew his contract.
In the process, the Spain international's release clause more than doubled (previously 400 million euros), setting a new club record.
Anthony Griezmann's contract in 2019 included a bid price of €800 million, a previous record. Messi's terms during camp Nou reached 700 million euros.
Pedri will turn 19 in November this year. He has been enjoying a breakthrough for 14 months since joining Barca from Las Palmas in 2020 for an initial transfer fee of €5 million. With additional terms, the deal could be worth €25 million for canary islanders.
In his first season at Barcelona, he made 52 appearances for the team, becoming a regular midfielder for Sergio Busquets and Frankie De Jong.
His performances have also earned him international recognition. Spain coach Luis Enrique called him to make his first appearance for the national team in March this year, and he subsequently became a key player for the Spanish national team at Euro 2020.
After being eliminated by the eventual champions Italy in the semi-finals, he was nominated as the tournament's young player and was the only Spanish player to participate in the tournament.
Pedri was also a member of Spain's trip to Japan for the Olympics, where he won a silver medal after losing to Brazil in extra time in the final.
As a result, he became one of the 30 candidates for this year's Ballon d'Or, the only Barça player on the shortlist, while also competing for the Kopa Cup and the Golden Boy Award, the best young player in football.
After extending Pedri's contract, sources told ESPN that Barca hope fellow young stars Ansou Fati, Garvey and Ronald Aaraujo will also sign new contracts in the coming months.