Barcelona president Sandro Rosell insists the club will do "everything we possibly can" to ensure Xavi ends his playing days at the Nou Camp.
The 32-year-old, whose existing deal still has two years left, remains an integral part of both the Barca and Spain sides.
He is the most decorated Spanish player in history, having won the Primera Division, the Champions League, the Copa del Rey, the Spanish and the UEFA Super Cup on multiple occasions with the Catalan club, having also lifted the European Championship (twice) and the World Cup in 2010 with Spain.
On Tuesday his agent Ivan Corretja said Barcelona want to extend his deal and on Wednesday Rosell confirmed their club's intention to tie down Xavi for the rest of his career.
Speaking on a charity trip to New York, Rosell said: "We will do everything we possibly can and I think he also wants to finish his career here.
"He is a role model, a legend."