Lionel Messi is set to sign a new five-year agreement with Barcelona with a massive payment cut.

      Legendary footballer and now a free agent-the new agreement with his previous club, Lionel Messi, has been agreed, reports FC Barcelona Wednesday's report. The new agreement would see Messi cut 50% to assist the club balance their budget. Instead, it will. The six-time Ballon d'Or winner Messi is likely this week to sign the contract extension, and his new deal will be announced soon.

In Argentina, the 34-year-old, who recently won his first major event at the Copa America, with La Albiceleste, has struck an accord with his club for over 20 years, according to a report from Mundo Deportivo..

Messi has expired on 30 June and is not currently bound to any equipment. The speculation that Messi could be robbed by another European competitor like Manchester City or PSG has been continuous.

Barcelona has long been thinking very hard about space-free access in its pay ceiling, which will allow a club emblem to be attached to new contracts.

President of Barcelona Joan Laporta also pointed out that contract negotiations with Messi were "satisfactory progress" and optimistic in maintaining a talismanic footballer.

Messi tried to push his way out last summer, but relented because he wanted Barca not to go to the courts and accused the previous President, Josep Bartomeu, of not honouring his promise.

However, the main aim of Laporta's replacement was to keep Messi on till retirement. In March, the latter took control of the reins.

Meanwhile, Barca appears to be aware that Messi will probably not complete the entire half-decade in Camp Nou due to his advanced years.