Fatis's new deal has a released clause of €1 billion, same figure included in the terms signed by young midfielder Pedri recently.
The 18-year-old's current contract was due to expire at the end of this season but Barcelona have managed to tie him down at the club.
Barcelona confirmed the new deal of Fati on their official website which read;
"FC Barcelona and the player Ansu Fati have reached an agreement to renew his contract until 30 June 2027. The buy out clause is set at 1,000 million euros ($1.17 billion)," the Spanish club said in a statement.
Graduating through the youth ranks at Barcelona, Fati made his debut at the age of 16 on August 25, 2019, becoming the youngest ever goalscorer for Barcelona in LaLiga against Osasuna.
He was the youngest ever Champions League goalscorer aagainst Inter Milan when he was 17 years and 40 days old.
Despite struggling with injury offlate, Fati holds a record of 15 goals in 47 games.
Having been on the sidelines since November 2020, the pacey winger is back for good and has scored two goals thus far.
Being eligible to play for Guinea-Bissau and Portugal at international level, Fati has committed to Spain and made his senior debut in September 2020 against Germany. He has one goal in four appearances for the Spanish national team.
