Messi, who has spent his whole career at Barcelona, had been expected to sign a new five-year deal with the Catalan club, which would have included a salary reduction of 50%.

Barcelona needed to financially restructure in order to get the deal over the line, which proved impossible in the end as they failed to reduce their wage bill in order and stay within La Liga's Financial Fair Play (FFP) regulations.

La Liga chief Javier Tebas said last month that Barcelona, who have a total debt of more than 1 billion euros ($1.18 billion), would not be shown any leniency when it comes to obeying the league's strict financial control rules.