Lionel Messi, Argentina’s superstar, has signed a new contract with Barcelona.

Messi, 34, has agreed to a new contract with Barcelona that reduces his current salary by half.

Messi and Barcelona reached an agreement on Wednesday, according to the Catalan newspaper L'Esportiu.

The official announcement will be made once the finer details are ironed out. Messi has been a free agent for the past two weeks after winning Copa America.

Another club in the race to sign him, Paris Saint-Germain Football Club, said they were out of the running after Messi and Barcelona reached a new agreement within 24 hours.

Messi and Barcelona have agreed to a five-year contract as per ESPN. However, it will only happen if both parties make it public, whether or not it is official.

Barcelona used to pay Messi more than 500 million euros per year. But that is the final agreement.

Messi, who has spent his entire career with Barcelona, is expected to leave the club if his new five-year contract is not renewed.