Lionel Messi became a free agent on Thursday but is confident of agreeing a new contract with the Barcelona forward, sources have told ESPN.
Messi's deal in Spain expired at midnight on Wednesday, and is yet to sign a renewal to extend his 20-year stay at the Camp Nou.
A loose agreement has been reached, however, and Barca are moving to tie up the final details, aiming to announce it as soon as possible.
Sources have told ESPN that Barca are in the process of working out numbers with La Liga and the tax office to ensure there are no problems going forward.
La Liga president Javier Tebas has warned clubs that they will not be able to register Messi's new deal if they do not make cuts elsewhere.
Before the pandemic, Barca had the league's highest salary bill at over €600 million per season. However, this has since been reduced to over €300m.
Messi's most recent contract with the club, signed in 2017, was worth more than €500m over four years, including his salary, bonus and image rights.
Barca, whose gross debt exceeds €1 billion, cannot pay Messi as much this time around and has to get creative with his contract offer.
ESPN revealed earlier this year that President Joan Laporta had drawn up a two-year contract with the option of an additional year.
The club wants to give Messi the freedom to move to Major League Soccer at some point, where he will serve as Barca ambassador before returning to the club in a backroom role of his choice.
Laporta has said the financial side of the deal is not important to Messi, who is more interested in the assurance of building a competitive team around him.
Barca have not won the Champions League since 2015 and have gone two seasons without winning La Liga.
Messi, who turned 34 last week, told Barca he wants to leave last summer but is more open to staying during the last year.
The resignation of former President Josep Maria Bartomeu, with whom he did not get along, and the return of Laporta, who was previously in charge between 2003 and 2010, have been a major factor.
Delaying any announcement on a new deal is Messi's involvement in the Copa America with Argentina, although Laporta has held talks with the player's father and agent, Jorge.
Messi scored twice in a 4-1 win over Bolivia on Monday as he became the most capped player his country has ever had, surpassing Javier Mascherano to win his 148th cap.
Argentina will face Ecuador in the quarter-finals on Saturday as Messi targets his first major trophy with Albiceleste, having previously lost three Copa America finals and one World Cup final.