The Dutchman, who arrived from Lyon on a free transfer last summer, had only signed a two-year deal with the Catalans.
But lately, his future has come under question after falling behind in Xavi's pecking order as the Spaniard has preferred Pierre-Emerick Aubameyang over him.
Despite being reduced to a bench role, there were reports that Depay wanted to stay on at the Camp Nou and continue to fight for his place.
According to Mundo Deportivo, the 28-year-old is now set to extend his tenure as the club is ready to offer him a new contract, an indication that he's indeed a part of their future plans.
This news comes days after Erling Haaland was confirmed to join Manchester City, as the Norwegian was touted to be on Barcelona's radar at one point.
Since Lionel Messi's departure, the fallen La Liga giants have roped in four forwards, three on free transfers, including Sergio Aguero, who unfortunately had to retire mid-season due to heart problems.
Aubameyang has obviously been the best performer of the lot, netting 11 goals from 20 games since joining in January, including nine in La Liga from 14 matches.
However, Depay hasn't been too disappointing, with the Dutchman also bagging 13 goals, albeit from 36 games.
Barcelona looking to seal second spot in La Liga
Barcelona have endured a miserable campaign but, following huge improvements under Xavi, are in contention to finish second in La Liga.
The Catalans are five points clear of Atletico Madrid and six off Sevilla, who drew for a third game in a row last night.
A win over Getafe in their next game will confirm Barcelona as the runners-up this season, although their squad is riddled with injuries and suspensions.
The Azulones are unbeaten in their last four games, drawing their most recent three, and will be hoping for a huge scalp on Sunday.