The 24-year-old has been in impressive form for his Italian club during the 2021-22 campaign, scoring once and providing six assists in all competitions.
Liverpool have recently been credited with an interest in the midfielder, with the Reds thought to have contacted the Serie A champions to discuss a possible move next year.
However, Inter CEO Guiseppe Marotta has confirmed that the club are close to reaching an agreement with Barella over a five-year contract.
Romano, meanwhile, has insisted that there was never any serious approach from Liverpool.
"Nicolo Barella is set to extend his contract with Inter. New deal will be for next five years with increased salary. Liverpool never opened talks to sign him despite rumours," the journalist posted on social media.
The Italy international has scored eight goals and registered 27 assists in 98 appearances for the Black and Blues since arriving from Cagliari, initially on loan. body check tags ::