MADRID, May 16 (Xinhua) -- Four-time World Player of the Year Lionel Messi will sign a new contract with Spanish giants Barcelona, the club confirmed on Friday.

The club said in a statement on their official website: "FC Barcelona has reached an agreement to adjust the terms in the contract binding Leo Messi to the club as a professional first team player. The revised and updated contract will be signed over the next few days."

The deal is expected to see Messi overtake Real Madrid rival Cristiano Ronaldo as the biggest earner in world football.

Messi has become a legend at Barcelona since making his debut in 2004 scoring 354 goals in 424 games making him the club's all-time leading goalscorer.