The 22-year-old midfielder has become a key player for Atletico this season, starting in 28 LaLiga matches.
Barrios has also featured in the Champions League, starting in both matches against Real Madrid in the round of 16.
He has been with Atletico since 2017, after joining the club from Real Madrid's youth academy, La Fabrica, in 2011.
Barrios has recently made his international debut for Spain.