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The Camp Nou legend signed a new deal worth a measly 1 Euro a month that runs until June 2022, and the club could get a huge pay-out should the Brazilian fail to see out his deal.
Alves returns to Spain with the record of being the most-decorated player of all time, having won a staggering 43 major honours in his glittering career.
The Brazilian won more than half of those trophies with the Catalonian giants, amassing 23 winners' medals during eight years at the club. Among the silverware includes six La Liga titles and three Champions Leagues.
"To be able to share with you again. I come to learn from you, now the new world. But from the old one, I want to convey one thing: to know what it represents - this club and this shirt.
"I have been abroad and this is the best place to do great things, to live. You are here, value it because there is nothing better outside.
"It is a pleasure to be here with you. Come on to do great things because this club is made of this, of doing great things."
Barcelona are back in La Liga action on Saturday when they host Espanyol, in a game that is known as the 'Derbi Barceloní.'
Xavi faces a huge task in bringing the good times back to the cash-strapped club, with Barca in ninth and 11 points adrift of La Liga leaders Real Sociedad, albeit with a game in hand.