Vinicius Junior has signed a new contract with Real Madrid that runs until 2027, the Spanish club announced on Tuesday.
Vinicius, 23, joined Madrid in 2018 from Brazilian club Flamengo and has developed into one of La Liga's outstanding players, scoring the winning goal in the 2022 Champions League final against Liverpool.
His existing contract was due to expire at the end of this season. Local media reported an extension had already been agreed last year, but it was only made official on Tuesday.
The club provided no financial details, but Spanish media reported the arrangement includes a €1 billion ($1.06 billion) release clause – identical with those inserted into the contracts of several Barcelona youngsters.
"Real Madrid and Vini Jr. have reached an agreement to extend the player's contract, linking him to the club until 30 June 2027," the club confirmed in a statement.
Vinicius finished sixth in this year's Ballon d'Or voting and also received the Socrates award, named after the Brazil icon, in recognition of his humanitarian work.
At the awards ceremony in Paris, he vowed to continue speaking out against racism. The 23-year-old has been racially abused regularly in La Liga games for the past two seasons.
"I will remain strong in the fight against racism," said the Brazilian, who received the award from the Prince of Monaco. "It is a very sad thing to talk about racism nowadays, but we have to continue in the fight so that people suffer less.
"Very happy to receive this award and to help many children in Brazil. I had little chance of getting to where I have coming from where I came from so it is a pleasure for me to help as many kid as I can so they can have a chance."
The 23-year-old was the only Brazilian in the top 10 of the ranking for this year's Ballon d'Or after scoring 23 goals in all competitions for Real last season.
The forward was also part of an emotional tribute to Pele, the Brazil great who died in December last year at the age of 82.
"Pele is a god for me and if I am here today, it is thanks to him. He put Brazil on a different level and people respect Brazilian players thanks to the great legacy he left," Vinicius said.
The Vini Jr. Institute, created in 2020, aims to use the popularity of football to help innovations in teaching and learning in Brazilian public schools.
The project claims up to 15 schools and 10,000 students will benefit by the end of 2023, with more than 500 teachers employed.