Pena, reports Marca, is moving to Elche on-loan for the season - but not before he signs a new contract.
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The goalkeeper's current deal runs to 2026 and that will be extended to 2029.
With the money released by Pena's move, Barcelona will be clear to register Wojciech Szczesny first, who will be the backup goalkeeper for the Catalans' match next Sunday at Rayo Vallecano.
After the Pole, Barca will then work on getting Gerard Martin and Roony Bardghji registered.
