Barth converted 15 consecutive field goal attempts to finish 26 of 28 in 2011. His club-record 92.9 field goal percentage was second in the NFL last season.
In three seasons with the Bucs, Barth has gone 63 of 75 on field goals and 71 of 71 on extra points. In just his second game with the team, he became the first Tampa Bay player - and fourth in league history - to make three field goals of 50 or more yards in the same game.
Barth's agent said the player remains hopeful of negotiating a long-term contract with the Bucs.
"I have been negotiating with the Buccaneers on a contract for Connor," Rob Roche, president of RSR Sports Management LLC, said in a statement. "It is my hope that our negotiations will continue and result in a long-term contract that will reflect Connor's status as one of the elite kickers in the National Football League."