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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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?