Lionel Messi has agreed a new five-year deal with Barcelona, according to reports from Spain.

The contract will also include a huge deterrent to any clubs hoping to prise the Argentinian star away from the Nou Camp - a massive £350 million release clause.

Messi, 29, has been linked with with a number of clubs including Premier League sides Chelsea and Manchester City during lengthy contract talks with Barca.

His existing contract expires in 2018, which meant the La Liga giants ran the risk of the five-time Ballon d’Or winner leaving on a free transfer if an agreement could not be reached.

Messi’s father Jorge has been in Spain over the last few days for talks with Barcelona officials, according to Marca.

The two parties have now agreed on a new contract verbally, according to the reports.

They said that Messi’s new deal with include numerous clauses that will see his pay vary.

It has been speculated that Messi’s wages will rival or even surpass the huge salaries many stars are earning in the Chinese Super League and that he could become the world’s highest paid player with a salary approaching £800,000 per week.

The contract will be welcomed by new Barcelona coach Ernesto Valverde as he seeks to regain the La Liga crown from rivals Real Madrid next term.