Yanukovich made few concessions in crisis talks he held with the opposition on Friday, his first direct attempt to defuse weeks of unrest over a policy swerve to Russia away from Europe.
He promised an amnesty for those arrested during the protests and said he would consider sacking officials responsible for working on the Association Agreement proposed by the EU - but he made no indication of sacking Mykola Azarov, the Ukrainian prime minister, as demanded by the opposition.
Amnesty for detained protesters has been a key demand of the opposition's leaders, who say they will not sit down for talks without such a measure in place.
Ukrainian capital of Kiev has been gripped by demonstrations by hundreds of thousands of Ukrainians since late November. They are protesting against Yanukovich's government after he announced that he would not sign a proposed trade pact with the EU and would instead steer Ukraine closer to Russia.
Dozens of protesters have been injured and detained at protests as a result of interventions by security forces in and around Kiev’s Independence Square, Al Jazeera reported.
On Wednesday, the security forces tore down makeshift barricades but were eventually forced into a retreat amid cheers from the demonstrators after the ranks of protesters swelled.
But the opposition, which had earlier ruled out any negotiations until Yanukovich dismisses the government and punishes riot police for crushing demonstrations on November 30, has vowed to topple the president.
The opposition says that it is planning a mass demonstration for Sunday.