diff --git a/test/node-api/test_worker_terminate_finalization/test.js b/test/node-api/test_worker_terminate_finalization/test.js
index 76cece7bcf3cc4..d58324d5e5f696 100644
--- a/test/node-api/test_worker_terminate_finalization/test.js
+++ b/test/node-api/test_worker_terminate_finalization/test.js
@@ -1,5 +1,10 @@
 'use strict';
 const common = require('../../common');
+
+// TODO(addaleax): Run this test once it stops failing under ASAN/valgrind.
+// Refs: https://github.com/nodejs/node/issues/34731
+common.skip('Reference management in N-API leaks memory');
+
 const { Worker, isMainThread } = require('worker_threads');
 
 if (isMainThread) {