The midfielder has found first team opportunities hard to come by at the Nou Camp and has spent the last two seasons out on loan at Xerez and Gerafe.
According to SkySports, Barcelona and Victor Sanchez have reached an agreement which will see the midfielder's contract rescinded.
Both parties feel the time has come for a change and have opted to go their separate ways.
The reigning Spanish and European champions confirmed the departure on Saturday.
Sanchez will now begin his search for a new club and will hope to have something in place by the time the 2011/12 campaign gets underway.
The Catalan giants still feel Sanchez is a player of some potential, though, and have retained the right to buy him back up until the 2012 winter transfer window.
They will also be due a percentage of any future transfer fee Sanchez demands.
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