The 34-year-old's deal with the Catalan giants is due to expire at the end of June, and there has been a host of speculation surrounding his future over the last few months.
Inter Miami are keen to bring him to the MLS, while there is also believed to be interest from Saudi Arabia, where the former Spain captain would be paid a gigantic salary.
However, various reports in recent days have claimed that Busquets is expected to stay with Barcelona for one more season before departing at the end of the 2023-24 campaign.
The midfielder has again been a vital player for Xavi's side this term, featuring on 39 occasions in all competitions, contributing four assists in the process.
Speaking after Tuesday's 1-0 win over Osasuna, Busquets revealed that he would "notify the coach" of his decision once the players have returned from "a few days off".
"I have more or less decided about my future. Now there are a few days off and when I return I will surely notify the coach," he told DAZN following the league success at Camp Nou.
Busquets played 76 minutes of the 1-0 victory over Osasuna, which moved Barcelona to within touching distance of reclaiming the title from Real Madrid.
Xavi's side are now 14 points clear of second-placed Real Madrid with five games left; Carlo Ancelotti's side were also in action on Tuesday, suffering a 2-0 defeat to Real Sociedad.
"It's a very important step, I think we suffered too much. We have missed very clear chances, and seeing the minutes go by... But hey, Jordi Alba's goal came," Xavi told reporters after Tuesday's clash.
"La Liga is almost won. These six points were very important to us after the defeat in Vallecas."
Busquets made his Barcelona debut in 2008, and he has featured on 719 occasions for the club, scoring 18 goals and registering 45 assists in the process.
The experienced midfielder is third on the all-time appearance list behind Lionel Messi (778) and Xavi (767), now comfortably clear of Andres Iniesta, who featured on 674 occasions for the Catalan side.
Barcelona are now not back in league action until May 14 against Espanyol, and a victory in the Catalan derby would confirm their position as champions.