The player's father Jorge met with club officials Javier Faus and Antoni Rossich last week and closed what is the seventh new deal in 11 years for the four-times Ballon d'Or winner.
Messi will be 27 in June and the new deal is not expected to extend his existing contract length taking him to 2018.
But his earnings have been boosted to put him ahead of Real Madrid's Cristiano Ronaldo. Real Madrid's Ronaldo earns £15m before bonuses.
Messi's previous deals have been structured so that basic pay before bonuses is re-set each year of the deal according to bonuses earned the previous season.
In effect Messi will earn £16.3m next season but if he wins the Champions League the appropriate bonus will be added and the sum total will become his new basic pay level the following season.
Messi's £250m buy-out clause will remain the same leaving the door open for Manchester City or Paris Saint-Germain to make a bid ,though the rigours of Financial Fair Play surely rule out such a move for
A statement issued by the Catalans on Friday read: '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.'
Barca had wanted a grand unveiling of Messi's new deal but time ran out on them as preparations for Saturday's La Liga decider against Atletico Madrid took over.
The player is understood to have put back his return to Argentina ahead of World Cup preparations so he can sign the new deal at the start of next week.
Most crucially from the club's point of view, Messi's new deal means Barca will now be better placed to tap in to the huge stream of commercial revenue he generates as for the first time since signing his initial deal in 2005 Messi will not keep 100 percent of his image rights - they will now be shared with the club.
Jorge Messi finally agreed to the revision in last week's crunch meeting. In that meeting he was also told that the club's new manager for next season will be Luis Enrique.
New signings were not discussed although it is no secret that the Barca forward is close pals with Manchester City striker Sergio Aguero and would love him to join him at the Nou Camp.
A bid for Aguero would only be possible if Barcelona successfully off-loaded strikers Alexis Sanchez and Pedro.
The club are also keen to move on Alex Song and Javier Mascherano as they look to beat Bayern Munich to the signing of Chelsea's Brazilian international David Luiz.
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