PARIS, Aug 20 (Reuters) - Italy midfielder Marco Verratti has signed a one-year contract extension with Paris St Germain that will keep him at the club until 2018, the Ligue 1 champions said in a statement on Tuesday.

According to media reports, the 20-year-old's salary will rise 150 percent from 800,000 euros to two million euros ($2.67 million) a year.

 Verratti joined PSG a year ago for a fee of 11 million euros after helping Pescara win promotion to Italy's Serie A.

The skilful midfielder, dubbed the 'New (Andrea) Pirlo' in his home country, made his international debut in February and now has four caps to his name.