Barcelona officials are currently working on contract extensions that will keep Lionel Messi and Andres Iniesta at the club until 2016, according to Sport.

The Catalan club are reportedly keen to extend the buy-out clauses of both players in an effort to dissuade potential bids from the likes of Manchester City.

Messi's negotiations are said to be at a more advanced stage with the player set to become the highest earner in world football, earning in the region of €10 million per-year plus performance-based incentives.

The buy-out clause is set to increase from €150-200 million however the club is confident that it is Messi's desire to remain at the club that would overrule any potential bid. It is expected that Messi will sign the improved deal later this month.

Andres Iniesta has already publicly stated that he would never ask Barcelona for "even one euro" but it is understood that the club seeks to reward the player for his efforts.

The players desire to retire from football at Camp Nou may well be realized as the new deal will conclude when he is 32-years-old.

Iniesta's agent Ramon Sostres has been in talks with the club since the end of last season and it appears that a deal will be struck, with the player set to become one of the clubs top earners and the contract will include a buy-out clause similar to that of his Argentine team-mate.