Pedri has signed a new contract with Barcelona through 2026 that contains a $1.57 billion release clause.
Pedri's previous deal was set to expire in the summer.
Antoine Griezmann's contract, signed in 2019, included an €800 million buyout option, which was the previous record. Lionel Messi's clause reached €700 million during his time at Camp Nou, but never higher.
In his first season at Barcelona, he made 52 appearances for the senior team, becoming a regular in midfield alongside Sergio Busquets and Frenkie de Jong.