The Blaugrana were unsuccessful in two court cases attempting to extend the registrations of Olmo and Victor until the end of the season. As a result, La Liga removed them from the official squad list on January 1st.
Barcelona applied for new licences to the Spanish football federation (RFEF) and Spanish media said they had sold VIP seats at the future Camp Nou to generate 100 million euros ($103 million) that would increase their budget and facilitate the registrations.
La Liga has raised Barcelona's squad budget cap after the club met the financial rules on Friday and sent the relevant paperwork, the league and RFEF said in a statement on Saturday.
But the joint commission handling Olmo and Victor's applications agreed not to grant the licences due to RFEF rules which "prevent a player whose licence is cancelled from obtaining a licence in the same team" during the same season.
Barcelona said in a statement that they would appeal the decision at the High Council for Sports.
Club president Joan Laporta, who has faced heavy criticism for his handling of the affair, has spoken with Olmo and Victor "to calm them", the statement added.
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Olmo's contract, initially set to run until 2030, includes a clause that would release him if he cannot be registered, according to Spanish media.
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Olmo and Victor were absent from Barcelona coach Hansi Flick's squad list for the Copa del Rey tie at fourth-tier Barbastro on Saturday.
(This story has not been edited by staff and is auto-generated from a syndicated feed.)