The German goalkeeper has been the undisputed number one at Camp Nou for seven years, and had arguably his finest year yet last season.
As Barca strolled to the title under the management of Xavi, ter Stegen played all 38 games, conceding just 20 goals, leading to him winning the La Liga's Zamora Award for best goalkeeper.
Now, Marca claims that, after weeks of deliberation and talks, the player and the club have reached an agreement on a new deal.
Ter Stegen still had another two years left on his Barca contract, but being held in such high regard means that the club wish to tie him down for the rest of his career.
At 31, Ter Stegen is believed to have signed an extension which will keep him at the club until 2028.
In agreeing terms, Ter Stegen has agreed to defer some of his income until the later years of his contract.
That is due to tight financial restraints giving Barcelona little legroom in the transfer market, and deferring some payment to Ter Stegen will allow them to spend more in the short term.
Ter Stegen remains the only keeper at the club with senior experience, as homegrown duo Inaki Pena and Ander Astralaga are both inexperienced at this level.
The German stopper is the last remaining member of Barcelona's most recent Champions League win back in 2015.
That is after Sergio Busquets and Jordi Alba departed this summer, and Gerard Pique retired last year.
Manager Xavi was also in the squad that day as Barca saw off Juventus, in what was ultimately his final game for the club.
Ter Stegen was used strictly as a cup goalkeeper that season, and did not make his La Liga debut until the season after - playing second fiddle to Claudio Bravo - but there is no doubting his importance as number one now.