Lionel Messi has reportedly agreed to a new contract with Barcelona that will keep him at the club until 2026.

The 34-year-old Argentina international, whose deal expired at the end of June, has finally agreed to new terms with SPORT claiming negotiations are now finalised.

Barcelona, however, still need to reduce their wage bill so Messi's new contract can be registered with LaLiga. 

An announcement is expected to be made in the coming days after a breakthrough was made in talks on Monday with Messi's father Jorge.

Due to Barcelona's dire financial position, Messi has had to take a 50 percent pay deduction from his previous deal, which was worth in excess of £425million over four years.

That means Messi's earnings will be slashed by £250,000 every week on his new five-year contract.