Barcelona manager Xavi Hernandez on Wednesday decided against leaving the club at the end of the season, a club spokesperson confirmed to Reuters.
Xavi had earlier stated that he will leave before the beginning of the 2024-25 campaign.
The former footballer will hold a press conference on Sunday before his side’s La Liga match against Valencia, meanwhile club president Joan Laporta could speak to media on Thursday to talk about the development.
"Xavi will continue and is very excited, there is unanimity in the club's board that he should continue," club vice-president Rafa Yuste told reporters outside Laporta's home in Barcelona later on Wednesday.
Xavi wore Barcelona’s shirt for 17 years, making 767 appearances and bagging 25 trophies, including four Champions League titles.
He led his side to the La Liga title last season but Barca's below-par form this season put him under pressure.
When he first confirmed his decision to leave in January, Xavi said that he felt "liberated", while also admitting that the pressure and demands of the job meant that he could not enjoy himself at his boyhood club.
Xavi said then that leaving the club was "for the good of the team" and that the players would "be freed up" moving forward. The statement led to criticism by pundits but on the field Barca improved their performance and went unbeaten in their next 13 matches.
However, couple of losses in their last two games have ensured that a trophyless season is on the cards. They are 11 points adrift of Real Madrid, with six games left, after losing the El Clasico 3-2 on Sunday.
That defeat came a few days after they were eliminated from the Champions League in a shocking 4-1 defeat against Paris Saint Germain.
Sources told Reuters that Xavi was promised that they will be able to sign top-level players despite the club's financial woes.