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The 33-year-old Argentine superstar will be out of contract at the end of June and his future at the Camp Nou has been uncertain in recent months.
Messi was linked with both Manchester City and Paris Saint-Germain after relationships with Barcelona soured last summer.
The Argentina captain criticised former Barcelona president Josep Bartomeu after he was unable to quit the club.
Now, Messi will reportedly ink a new long-term deal that will outline the future of his illustrious football career, according to The Daily Mirror.
The newspaper cites reports in Spain and says that the Barcelona forward will receive a deal until 2031 as a way to pay his staggering salary.
Barcelona are reportedly over £1bn in debt and the deal for Messi's salary would allow them to pay it over an extended time period.
According to reports in Spain, the Barcelona captain would earn a staggering £206m over the next four years.
But Messi would remain as a player at Barcelona for the first two years before he made the switch to David Beckham's MLS side, Inter Miami, in 2023.
The six-time Ballon d'Or winner would reportedly play for the MLS franchise for two seasons ahead of his retirement in 2025.
Messi's future off the field would lead him to a behind-the-scenes role and taking on the position of 'Strategic Partner and Ambassador' of the club.
Barcelona president Joan Laporta recently admitted that he was optimistic at the idea of the club "making progress" in tying Messi's future to the Camp Nou.
Speaking at a news conference, the 58-year-old Spaniard said: "Talks are ongoing with Messi's people.
"As I have said, they're going well. We hope to keep making progress.
"It's not done but I am convinced, like [Aguero] said, that they would like to play together here. I have always said the issue with Leo is not financial for him.
"[Messi] is showing a lot of understanding and wants to stay and have a competitive team that wins trophies. The sooner we have a decision, the better, of course, but we're not in a rush."
Barcelona have been handed a major boost in keeping Messi as Argentine compatriot Sergio Aguero arrived on a free transfer from City.
The Spanish club have continued to strengthen their squad and signed former City defender Eric Garcia on a free this week.
Barcelona completed their third signing of the week after they snapped up Emerson Royal from Real Betis.
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