The Italy international was expected to join the Russian champions but the deal has fallen through due to the failure to agree personal terms.
"The conditions for the negotiation were not there and even Juventus knows that," Bonucci's agent Davide Torchia told Gazzetta dello Sport.
"I cannot exclude that something might happen before the transfer deadline at 7pm but as it is right now, the offer presented by the Russians does not match the player's value."
Bonucci joined Juventus from Bari last summer and partnered Giorgio Chiellini at the heart of defence.
The 24-year-old is under contract in Turin until June 2014.