The Croatian international is widely regarded as one of the most talented midfielders in European football, with a host of clubs credited with an interest.
However, Monchi has said that "the club is not in the least bit worried" about losing the services of the 26-year-old.
"I'm convinced that he will be at Sevilla for a long time. The whirlwind fixture pile-up has delayed his contract renewal, but the club is not in the least bit worried," he told Marca.
"I speak to him every day and I know what he wants. He is going to renew his contract, and if he renews it, he's not then going to leave after a week. If he renews it, it's to stay. I can't see a scenario with him leaving."
Rakitic scored 12 times and contributed 10 assists in La Liga this season.