The 52-year-old former Barca goalkeeper took up his present position in July 2010, replacing Txiki Begiristain, and will put pen to paper on his fresh deal in the next few days.
"Andoni Zubizarreta will continue as sporting director until the end of the 2015/16 season. after the club announces on Thursday the renewal of his contract," a statement on the club's official website read.
"Barcelona and the sporting director have agreed to extend the contract binding the two parties, which had been due to expire on June 30, 2014, for a further two years until June 30, 2016.
"The signing of the new contract will take place in the coming days."
Zubizarreta has overseen two managerial changes so far in his reign at the Nou Camp, with Tito Vilanova replacing Pep Guardiola in summer 2012 and Gerardo Martinez arriving at the start of this season following Vilanova's resignation on health grounds.
He has also been a key figure in reinforcing the Barca squad, bringing in the likes of Cesc Fabregas, Alexis Sanchez and Neymar.