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.