Known as 'Parri', the teen has chosen Barca ahead of offers from Real Madrid and Manchester City.
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The left-sided midfield playmaker was originally with Real Madrid juniors before leaving for Rayo.
He is now a Barca player and the 18 year-old could be part of the Barca Atletic team for the new season.
Parri is regarded among the best players for his age inside Spanish football.