The soap opera surrounding Ousmane Dembele's contract extension situation may be coming to an end.

The protracted contract renewal talks between Barcelona and the representatives is reportedly nearing its climax with the player set to pen a new deal. A report from Spain claims that the pair have finally reached a compromise, paving the way for the 25-year-old French winger to sign a two-year extension ahead of the new season.

The former Borussia Dortmund winger who joined the Catalans in 2017 became a free agent a week ago after his original five-year contract expired. Injuries had characterised the player's season but a renaissance at the very end of last season fired him to become the club's top playmaker across all competitions. Impressed by the Frenchman's input, Xavi and the Barca hierarchy have been working tirelessly to convince the player to stay amid claims that he might seek playing opportunities elsewhere.

Following a prolonged period of talks, the La Liga giants were able to persuade Dembele to discard the interest from the likes of Chelsea and Paris Saint-Germain in favor of staying at Camp Nou. However, negotiations were stalled once more owning to Dembele's agent, Moussa Sissoko demanding for a renewal bonus.

With the status of the development apparently unclear, a report by Marca on Friday evening claimed that Barca and Dembele are closing in on an agreement. Per the account, the French star has decided to continue and has accepted the low-cost renewal proposed by Barça until 2024.

It is speculated that renewal agreement will see the player's wages being cut down by 40 per cent, putting him in the same earning bracket as Ansu Fati. Nonetheless, he is expected receive some add-ons that would cushion the reduction depending on his participation and performances.

Dembele now awaits the club's approval although there is optimism that deal will go through. Meanwhile, multiple reports from Spain claim that his renewal is not expected to affect Barcelona's pursuit of Leeds United's Raphinha.