Bojan, who celebrated his 18th birthday on Thursday, has added a further two years onto his current deal with the club. He has also increased his buyout clause to 80 million euros (118 million U.S. dollars).

"All I was doing was waiting to sit down with the club president (Joan Laporta) in order to put pen to paper," Bojan told the club's website.

"I hope to win a lot of titles for this huge club in the next five years, learn a lot and to be very happy," he added.

The new contract came as compensation for the 18-year-old, who earlier in the day learned he had been omitted from the Spain squad named by coach Vicente Del Bosque.