Camp Nou chiefs held talks with agents of the Spain international on Thursday and the Catalan club had hoped to persuade the goalkeeper to extend his lifelong association with the club.
However, it now appears certain the 31-year-old will leave at the end of next season following the release of a statement on Thursday evening.
"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.
Valdes' contract expires on June 30, 2014, and he could well make a move away from La Liga after recently expressing his desire to experience "other cultures".
The Blaugrana are yet to comment on the news, with a pre-match press conference due to be held on Friday ahead of their clash with Real Sociedad on Saturday.
Follow GOAL.COM on Twitter