The Bulgarian has scored some key goals this term, following a lengthy absence with a leg injury, and his form has prompted Bhoys boss Martin O`Neill to offer him a new deal.
At the moment, Petrov is concerned solely with next week`s Scottish Cup final with arch-rivals Rangers, but claims he is happy with the terms that are on the table.
Speaking to the Sunday Mail, he said: "Right now the important thing is the cup final but after that I expect to sign my new contract.
"I've been talking with the club and I am happy with the way things have progressed.
"The fact I am willing to stay for another five years shows the belief I have in the club and Martin O'Neill."
Petrov joined Celtic for £2.8 million from CSKA Sofia in the summer of 1999 and, after initially struggling under John Barnes, has flourished under O`Neill.