That relatively low release clause had seen him linked with a move away, with Manchester United and Manchester City mentioned.
"The Frenchman will be putting pen to paper on Monday in the Josep Sunol lounge at Camp Nou".
Les Bleus beat Italy 3-1 on Friday evening, with Umtiti opening the scoring, and are still to play the United States before making their journey to Russian Federation.
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With the 24-year-old's future now committed to Camp Nou, Umtiti can focus on representing France at the World Cup, where he is expected to start for Didier Deschamps' side.
Umtiti joined Barcelona in 2016 after a productive spell with Lyon, and he established himself as one of the world's best defenders in the first half of this season.
Some great news for Barcelona fans, and it's that Samuel Umtiti will continue wearing the shirt until 2023.
He is now preparing for the World Cup as part of France's 23-man squad where he is expected to partner Real Madrid's Raphael Varane.
Last season, Barcelona won La Liga conceding just 29 goals in 38 games, with Umtiti playing 25 times after fighting with injury problems.