Negotiations began a few weeks ago, and the deal, which extends the player's commitment to the club by two years, has now been finalised, says Marca.
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The negotiations were brief, as an agreement was reached quickly.
Management has improved the midfielder's financial terms in light of his excellent form this season.
Sporting director Deco was aware that he needed to increase Fermin's salary to reward his good work and, at the same time, prevent a potential transfer from other clubs.
Indeed, the move was accelerated after Manchester United made an approach earlier this month. Chelsea also tried to sign Fermin last summer. An offer of €40m was made to Barcelona, but Deco didn't even respond at the time.