Yes Balde contract extension is close with Barca and is gonna be a long term one with a release clause:
https://twitter.com/FabrizioRomano/status/1603745991307702273 . Club has option to extend his contract to one more year so not 100% sure if he is gonna leave. He is a crucial player for United and I think they will exercise this option. I think couple of weeks ago I read about him and Rashford's contract abotu to expire situation and in both the cases United have the option so not much of a worrying sign for the club as long as player wants to continue.
Thus Manchester United's desire to bring Alejandro Balde to Old Trafford is no longer possible, because the clause offered by Barcelona is in the form of a five-year contract extension, this is in line with the long-term project being developed by Xavi.
From my monitoring in various online media, Luke Shaw has also been offered by Manchester United for a new contract, but until now Manchester United has not discussed further about the contract extension for how many years. Luke Shaw's performances have been increasingly impressive in recent years and have become one of the best players in defense, making Manchester United take steps not to let go of the player.
But I am not sure that Barcelona will agree to let him go. Because if Barcelona do end up letting him go, they will have to find another player who will be able to replace Jordi Alba. And right now, Barcelona does not have the money needed for that. I don’t think it will be in the best interest of Barcelona to sell Alejandro Balde.
Barcelona has offered Alejandro Balde a five-year contract extension, as we have seen from Fabrizio Romano's reports on his Twitter account
https://twitter.com/FabrizioRomano/status/1603745991307702273. So that Manchester United's chances of getting the player have been closed.
Alejandro Balde has the same vision as the coach on a long-term project, so staying at Barcelona is the right step for the player, considering he is still young and has the opportunity to become a great player in the future. After all, Barcelona is also a place that has a vision to play and can help Alejandro Balde further develop into one of the mainstay defenders of his club and country in the future.