The move is to ward off reported interest from Liverpool, Real Madrid and Bayern Munich.
The Super Eagles winger’s current deal which runs up until 2023, includes a release clause of €40m (about N14bn).
Chukwueze broke into the Yellow Submarine first team last season and he has quickly established himself as a fans favourite at the El Madrigal.
He has featured in six of their seven LaLiga games so far this season, and he looks set to play a key role this season for Villarreal, alongside Santi Cazorla and Pau Torres.
