The attacker's release clause has surged upwards following a stellar season as the Spanish champions confirm their intention to keep hold of their man for the longer term
The Spain international, 23, has agreed to pen new personal terms that prolongs his existing deal by an extra year.
A statement released by the Spanish and European champions reads:
"Barcelona FC communicates to have reached an agreement with Pedro Rodriguez to improve and extend his contract with the club for another season until June 30, 2016. The recissionary clause rises from €90 million to €150m."
Pedro was outstanding last season, scoring 13 goals in the league. He also scored in the Champions League final against Manchester United as his team lifted the trophy for a third time in five years.
The move comes just a week after the club announced an extension for Thiago Alcantara.