Barcelona have agreed a one-year contract extension with Pedro that will keep the winger at the club until 2014.
The Spain international's new deal, which he will officially sign on Thursday, ties him to the European champions until June 30, 2016 and has a buy-out clause of 150 million euros - up from 90 million.
Since making his Barca first-team debut in the 2007-08 season, the 23-year-old has won 10 major tophies with the Catalan giants, including three Primera Division titles and two Champions Leagues.
In 2009, Pedro, who also penned a one-year extension with Barca 12 months ago, became the first player to score in all six major club competitions in one season as he scored in the Primera Division, Copa del Rey, Champions League, World Club Cup, and the Spanish and European Super Cups for Pep Guardiola's side.
The Tenerife-born forward was also a member of Spain's World Cup-winning squad in South Africa last summer.