The promising youngster failed to impress over the course of the 2012-13 campaign and will return to his parent club
The Argentine forward, 21, joined the Catalans on a one-year loan deal in the summer of 2012 and spent last season with Barcelona B in the Segunda Division.
The Blaugrana had an option to extend Araujo's stay at the club by one year, but Araujo has failed to convince Barca's technical staff and will return to his parent club.
"Barcelona will not extend Sergio Araujo's loan deal ahead of next season. The player, who arrived at Barca in the summer of 2012, on a one-year loan term with the option of extending his stay for an additional year, will return to his club of origin, Boca Juniors," a Barcelona statement reads.
The Argentina Under-23 starlet made 34 league appearances for Barca B, netting seven goals in the process.