The 20-year-old winger was wanted in the Premier League last summer with a host of sides keen on securing his services.
The Dutch giants resisted selling him but there are suggestions that Liverpool have trained their eyes on the player as a potential long-term replacement for Mohamed Salah.
PSV are aware that Bakayoko could be tempted into moving on soon and the club have made a move to keep him for a little while longer.
According to Dutch daily the Eindhovens Dagblad, an agreement over a new deal is in place between PSV and the player.
While the contract has not been extended and it is still stipulated to end in 2026, the forward is set to receive a big pay rise.
PSV have been keen to reward Bakayoko for his development and a pay rise is seen as just that.
They do not want to contemplate losing him in the winter window and the pay rise is being seen as a failsafe.
The Dutch giants are only expected to consider letting him go at the end of the season if a big money offer is received.
