The Spaniard made the move to Camp Nou from Las Palmas in 2020, and he has represented the Catalan giants on 156 occasions in all competitions, contributing 23 goals and registering 15 assists in the process.
Pedri's existing deal with Barcelona is due to expire in June 2026, but according to transfer expert Fabrizio Romano, the two parties are in talks over an extension, and there are "positive feelings" when it comes to a potential agreement.
"Discussions between Barca and Pedri over new deal are progressing as both parties want to get the extension done. Positive feelings after one more meeting, Pedri is considered key part of Barcelona project," Romano wrote on X.
Pedri has again been a vital player for Barcelona during the 2024-25 campaign, making 14 appearances in all competitions, scoring three goals and registering two assists in the process.
Barcelona 'in talks with Pedri over contract extension'
The midfielder played 87 minutes of Saturday's El Clasico, which Barcelona won 4-0 at Bernabeu courtesy of goals from Robert Lewandowski (two), Lamine Yamal and Raphinha.
Barcelona boss Hansi Flick was full of praise for his side following the result, which moved the Catalan giants six points clear of second-placed Real Madrid at the top of the La Liga table.
"We started the journey, we prepare for each game and we love to do things well. It was not easy, but we have to continue on the path. We defended well and we did a good job," Flick told reporters.
"We have to build an atmosphere in which the players can show their quality. The atmosphere in the club and in the team is very good. We can celebrate this victory, I'm giving them two days off after tomorrow's recovery (Sunday). We can celebrate, but now we have to focus on the next match against Espanyol.
Flick hails team's performance in "extraordinary" El Clasico win
"Everyone followed the plan we'd designed and gave 100%. We knew how to defend well and stuck to our ideas even though Madrid didn't allow us very much space. In the second half, we had a lot more control of the ball, but the whole team did an extraordinary job.
"I am proud of this team. Because we also managed to keep a clean sheet with a great contribution by Inaki Pena... and the fans also deserve this win. They have an amazing connection with the players. I am happy to work for FC Barcelona."
Barcelona have now won each of their last five matches in all competitions, scoring 21 times during that run, while they have now managed 37 goals in 11 La Liga matches at the start of the 2024-25 campaign.