Lionel Messi will sign a new five-year contract at Barcelona and take an incredible 50 per cent wage cut, TheNewsBeam can confirm.

Messi who spent his entire career at camp Nou having initially made his debut for the club as a teenager in 2004, but became a free agent at the start of July after reaching the end of his contract.

The Argentine won’t be embarking on a new challenge away from Camp Nou anytime soon, though, with the Blaugrana set to announce that they have tied the six-time Ballon d’Or winner down to a fresh long-term deal.

Messi earned a staggering €550 million (£468m/$650m) over the course of his last five-year contract at Camp Nou, which equates to around €75m (£64m/$89m) per season.

However, Barca were unable to hand the 34-year-old similarly lucrative renewal terms after exceeding La Liga’s wage limit at the end of the 2020-21 campaign.

Laliga president Javier Tebas warned that the Blaugrana could not legally register Messi without significantly reducing their salary costs, with the likes of Junior Firpo, Jean-Clair Todibo, Carles Alena and Juan Miranda all subsequently sold to raise extra funds.

Messi has also agreed to halve his yearly earnings in order to re-sign for Barca. The new contract will formally be announced in the coming weeks after a few minor details are finalised.