The 32-year-old will be entering his seventh season with the reigning La Liga champions in 2016-17.
The Argentine will therefore be extending his current deal by a further year with the club, which was due to end on June 30, 2018.
Italian giants Juventus were interested in Mascherano, who plays as a defensive midfielder for Argentina.
Signed from Liverpool in 2010, the defender has gained the adoration of the fans for his leadership and effort. The fourth captain of the club started as a midfielder but converted to a centre-back where he has become a key player in the Catalan team.
In his time at Barcelona, he has always played over 40 matches per season, 282 in total, and has picked up 16 titles along the way.
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