Messi extended his stay with the Catalan club until 2018 last year, but has long been anticipated to sign an improved deal to make him the highest paid player in world football.
The Argentinian was involved in a war of words with Javier Faus in December after the club's vice-president said he saw no reason why Barca should improve Messi's contract "every six months."
Messi hit back by branding Faus as a businessman "who knows nothing about football."
And, after a season that has seen Messi reach the 40-goal mark for the fifth straight year, the 26-year-old has now been rewarded with a new contract.
He is expected to sign the deal in the coming days.
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