The new deal will keep Neymar at the Camp Nou until the summer of 2021 and includes a buy-out clause for the last three years of the deal set at £210million.
Neymar had two years left on his previous deal with Barcelona.
Reports in the Spanish media on Thursday suggested that Manchester United were launching a move to sign him.
Neymar tweeted his happiness on Thursday night: “Very happy to continue living that dream! Long live Barca! Long live Catalonia!”
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.