Neymar's contract with Barcelona extended until 2021

FILE - In this Nov. 17, 2015, file photo, Brazil's Neymar, left, fights for the ball with Peru's Carlos Zambrano during a 2018 World Cup qualifying soccer match in Salvador, Brazil.Brazil has named its Olympic soccer team, which includes two key players who did not play in the Copa America Barcelona's Neymar and Douglas Costa of Bayern Munich. The team was announced Wednesday, June 29, 2016, by Brazil coach Rogerio Micale, who took over the when Dunga was fired after Brazil was knocked out of the Copa America. (AP Photo/Nelson Antoine, FIle)
Nelson Antoine/AP

BARCELONA, Spain (AP) Neymar's contract with Barcelona has been extended until 2021 with a buyout clause that could reach 250 million euros ($278 million).

The player and his agents announced the five-year extension on Thursday. Barcelona confirmed the deal on Friday.

''I'm very happy to keep living this dream,'' the 24-year-old Brazilian forward posted on his social media accounts.

The announcement ended speculation that Neymar was unhappy in Spain and was looking to move to another club. Paris Saint-Germain was among the clubs reportedly trying to sign him.

Barcelona said the contract's buyout clause has been fixed at 200 million euros for the first year of the new contract, 222 million euros for the second, and 250 million euros for the final three years.

Neymar's current contract was going to end in 2018. Barcelona said the new deal is valid until June 30, 2021.

The club said the agreement will be ''presented formally'' on July 15, before the player joins Brazil to play in the Rio de Janeiro Olympics.

Neymar has been playing for Barcelona since moving from Brazilian club Santos in 2013.

In his three seasons, Neymar has 85 goals in 141 games. He's helped the team win two Spanish league titles, two Copa del Reys, the Champions League, the European Super Cup, the Spanish Super Cup, and the Club World Cup.