Reports have claimed that the Premier League club have reached an agreement with the Blaugrana starlet, but are yet to come to an agreement with the Camp Nou club itself.
Thiago's current contract in the Catalan capital runs until 2015, but his original release clasue of €90m (£76.9m) decreased dramatically after he failed to play a set amount of minutes during last season.
The €7.2m (£6.1m) annual salary will see the Spain international earn more than the likes of Shinji Kagawa and Danny Welbeck.
Read the original article on Football Espana - The ultimate website for English-speaking fans of Spanish football
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