With the 30-year-old's current deal set to expire in June 2018, Cadena Cope says that an announcement will be made by the club on Wednesday, with Messi officially putting pen to paper on July 15 once he arrives back in Barcelona for preseason training.

The new contract will see Messi stay at the Nou Camp until 2021, with an extra one-year extension clause available to both club and player. The five-time Ballon d'Or winner, however, will be able to leave Barca earlier if any rival club triggers his new release clause -- thought to be set at €300 million.

The Argentina superstar is currently on vacation following his wedding to childhood sweetheart Antonella Roccuzzo, leaving his father Jorge and Barcelona president Josep Maria Bartomeu to hammer out the final details of the deal. On Tuesday, both parties reportedly arrived at a total agreement and finalized the deal.

Barcelona vice president Jordi Mestre confirmed in May that the renewal was "on track" and he expected the deal to be announced soon.