Barcelona target Gabriel is on the verge of signing a new deal with Brazilian club Santos.
The contract will tie the 18-year-old to Santos until 2019, Xinhua quoted player agent Wagner Ribeiro as telling sports news portal Lancenet.
"We are just finalizing details but an announcement should be made by Friday," Ribeiro said.
The new deal will maintain the teenager's existing buyout clause of 50 million euros, according to Ribeiro.
Nicknamed Gabigol by Brazilian media due to his prolific scoring record, Gabriel has represented the Selecao at under-15, under-17 and under-20 level.
He has scored 16 goals from 38 first-team appearances for Santos this year.
Barcelona reportedly have the first option of buying the striker - and two other Santos teenagers - as part of the deal that brought Neymar to the Camp Nou last year.
But the Catalan club will be unable to sign him until January 2016 due to a FIFA ban for breaching transfer rules.