The 26-year-old Argentina international only extended his current deal, which runs until 2018, in February last year.
Barca have yet to release details about the length of contract agreed with the player, who has scored 41 goals in 43 games for the Catalan club this season.
"The revised and updated contract will be signed over the next few days," said a Barca statement released on Friday.
The announcement follows lengthy negotiations during which it was reported that Messi wanted to surpass Real Madrid's Cristiano Ronaldo as the best-paid player in the world.
Claims in the Spanish media suggest Messi will be tied to the club for a further year, until June 2019, and will be paid 20m euros (£16.3m) a season, plus performance-linked bonuses.
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