Reports emanating from Spain state that the Catalan side has decided that The Viola's £15.5 million asking price is simply too expensive for a 29-year-old.
This latest development comes after the two clubs had agreed terms on Wednesday and Toldo looked to be on his way to join Charly Rexach's side on a four-year contract.
If the reports are correct, Barca will now have to turn their attentions elsewhere after alternative goalkeeping target Mickael Landreau earlier pledged his future to Nantes at the beginning of June.
Rexach could now turn his attentions to Feyenoord shot-stopper Jerzy Dudek after his proposed move to Arsenal collapsed recently.
Meanwhile, Barca appear to have completed the $18 million transfer of Brazilian forward Geovanni from Cruzeiro.
Jose Perrella de Oliveira Costa, president of the South American club, confirmed: "It's now all signed. We've
been negotiating and now an agreement has been signed.
"He's a very quick player with good skill. He's one of the most complete players in Brazil."
Barcelona are yet to offer a comment on the reports.