According to the club's statement, Barça have decided to exercise their buy-back clause on the player and will now move on into the final details of negotiations with Everton and Deulofeu himself. Once everything is finalized, the player will stay at the club until the end of his current deal, which ends in the summer of 2019.
There is a reported clause on the buy-back clause that obligates Barça to keep Deulofeu for one season after exercising their right to sign him back, which means he can't be sold or loaned out during the next year. Deulofeu will be in the squad and will hope to prove his worth to new manager Ernesto Valverde.
Valverde is reportedly a big fan of Deulofeu and sees a lot of potential on the player as a dangerous winger with individual skills and scoring ability. A similar player to Deulofeu, Iñaki Williams, thrived at Athletic Bilbao under Valverde, and the new Barça coach hopes that Deulofeu can replicate the same success Iñaki had at the Basque Country.