The Brazil international is currently one of the lowest earners in the first-team squad at Bernabeu, but he has been a vital player for Carlo Ancelotti's side during the 2021-22 campaign.
Vinicius has played a leading role in the team's La Liga title success, scoring 17 times and registering 13 assists in 34 appearances in Spain's top flight.
Meanwhile, he has scored three goals and registered seven assists in 12 Champions League appearances, with Los Blancos preparing to take on Liverpool in the final of the competition.
The 21-year-old's existing deal at Bernabeu is due to expire in June 2024, but according to Mundo Deportivo, he is on the verge of penning a fresh long-term deal in the Spanish capital.
The report claims that the contract, which will be extended until June 2027, will see the South American triple his current wages to around €9m (£7.7m) net per season.
Vinicius has scored 35 goals and registered 43 assists in 168 appearances for Real Madrid since making the move to the Spanish capital from Flamengo.
The attacker scored three times in his side's 6-0 league victory over Levante on Thursday evening, which proved to be his first goals in Spain's top flight since the middle of March.
Vinicius was also on the scoresheet in the first leg of Real Madrid's Champions League semi-final with Manchester City at Etihad Stadium before contributing to his side's 3-1 win in the second leg.
Los Blancos are also allegedly preparing to extend Luka Modric's contract at the club for another season.
The Croatia international's current deal is due to expire at the end of June, but he has been at his best for Ancelotti's side this season, scoring three times and contributing 12 assists in 42 appearances.
Modric has managed two goals and eight assists in 27 La Liga appearances this term, while he has provided four assists in 11 Champions League appearances, with the Spanish champions reaching the final.
Real Madrid will take on Cadiz and Real Betis in their final two league games of the season before facing Liverpool in the Champions League final on May 28.
Ancelotti has rotated his squad for his side's last two league games, and there are again expected to be changes for Sunday's clash with Cadiz, as the Italian is balancing the minutes of his players ahead of the European Cup final in Paris. body check tags ::