The 29-year-old Uruguay international, who joined Barcelona from Liverpool in the summer of 2014, has scored 97 times in 116 matches for the Spanish giants, which has already seen him lift eight trophies during his short time in Spain.
A statement on Barcelona’s official website has revealed that the agreement has been reached and Suarez, who has netted 13 times in 20 appearances this season, will officially put pen to paper on the new contract on Friday afternoon.
[OFFICIAL ANNOUNCEMENT] @LuisSuarez9 will continue at @FCBarcelona until 2021 #Suarez2021
— FC Barcelona (@FCBarcelona) December 15, 2016
Suarez, who is now committed to the Catalan giants until the end of the 2020-21 campaign, has seen his release clause set at £167.5m.