Victor Valdes has informed Barcelona he will not renew his contract at the club which expires in 2014, according to the goalkeeper's representatives.
Camp Nou chiefs held talks with agents of the Spain international on Thursday and the Catalunya club had hoped to persuade the shot-stopper to stay if reports are to be believed.
However, it looks as though the 31-year-old will leave the club he has spent the majority of his career at having come through the youth system.
"Victor Valdes agents have told Barcelona in the meeting held this afternoon of the irrevocable decision from the player not to renew his contract, thus avoiding discussing future wage issues," his representatives told Spanish news agency EFE.
The goalkeeper's contract expires on June 30, 2014, and Valdes had expressed earlier in January that he is open to trying "other cultures", hinting at a move away from La Liga.
He has been linked with a move to Liverpool, who have made signing a new keeper a priority with Arsenal pursuing a deal for their current first-choice, Pepe Reina.