As talkSPORT exclusively revealed in August, the Japanese star has been in discussions over a new deal for several months.
One of Roberto De Zerbi's key men, Mitoma has already been linked to Champions League sides Arsenal and Manchester United, as well as Chelsea.
But securing the winger on new terms should at least secure a bumper fee if giants come circling again next summer.
Signed from Kawasaki Frontale in 2021, the 26-year-old penned a four-year deal that was due to expire in 2025.
That could have seen him leave for a bargain next summer but Brighton will now look to recoup another record fee should the Premier League's financial powerhouses coming knocking again.
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It would be little surprise if they did, with Mitoma picking up where he left off last season.
A breakout star in 2022/23, the Japan regular managed seven goals and five assists in the league.
This term he has three goals and three assists in just seven games, and continually catches the eye with his dribbling skills.
Brighton have already raised huge funds from the sales of Moises Caicedo and Marc Cucurella to Chelsea, and Mitoma could well be on their watchlist.
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After starring at the 2022 winter World Cup for Japan, Mitoma's form has consistently impressed, seeing links with Arsenal, which eventually didn't come to fruition.