The 17-year-old burst onto the scene earlier this season when he became Barcelona's youngest LaLiga goalscorer and the third-youngest in the competition's history in a 1-1 draw against Osasuna.
He followed that up with a goal and an assist in the first seven minutes of his full Barcelona debut, in a 5-1 win over Valencia.
Ansu Fati 🔵🔴 https://t.co/MtVXbPrx3j— FC Barcelona (@FCBarcelona) December 4, 2019
In an official statement, Barcelona announced the new deal.
"FC Barcelona and Ansu Fati have reached an agreement to improve the player’s contract through to 30 June 2022, extendable by two further seasons, and his buyout clause has been raised from 100 [$108m] to 170 million euros [$184m].
"That clause will be increased to 400 million euros [$434m] when the player signs a pro contract as full-time member of the Barça first team."