The 21-year-old was a key player for Los Blancos during the 2021-22 campaign, scoring 22 goals and registering 20 assists in 52 appearances in all competitions.
The Brazil international scored 17 goals and registered 13 assists in 35 La Liga appearances, as Carlo Ancelotti's side won the title, while he contributed four goals and seven assists in 13 Champions League outings, with the capital giants lifting the trophy by beating Liverpool.
Vinicius still has more than two years left to run on his contract at Bernabeu, but he is believed to be one of the lowest earners, as he is still on the terms that he penned upon his arrival in July 2018.
The South American is said to be on the verge of signing a new deal at Real Madrid, which is likely to include a substantial salary rise to reflect his importance to the team.
As well as improving his wage packet, it is understood that Vinicius's release clause will also be raised significantly, as Real Madrid look to protect his value.
According to Marca, a €1bn (£860m) buy-out clause will be included in the deal, which is expected to become official in the near future.
The report claims that the 'agreement is closed, finalised and drafted', and there is likely to be an announcement by the La Liga and European champions over the next week or so.
Vinicius has scored 36 goals and registered 43 assists in 170 appearances for Real Madrid since making the move to Bernabeu from Flamengo.
A recent report claimed that the attacker is in line to triple his salary to around €9m (£7.7m) net per season, making him one of the best-paid players in the squad.
"I will continue in the biggest club in the world. This is just the beginning. I have many things to conquer. I hope to have many trophies at the end of my career," Vinicius told SporTV last month.
"It's normal with age [to take time to develop]. I skipped many steps in training. I became a professional when I was 16 years old and still not fully formed. Real represented a huge amount of pressure, but I had the help of [Karim] Benzema, Marcelo and Casemiro, who are very experienced players.
"I have always been evolving. This season was good, so I hope the next one will be better."
The Brazilian is expected back at the club's training complex on July 12 to begin preparations for the 2022-23 campaign, when Ancelotti's side will be looking to defend their La Liga and Champions League titles. body check tags ::