Iniesta has made 670 appearances for Barca and won 31 trophies in his 16 years in the first-team fold, and Rakitic wants the Spaniard to prolong his Camp Nou stay after playing a key part in the 5-0 Copa del Rey final win over Sevilla.
"I don't know [if he'll stay]," he told reporters. "I hope he doesn't leave. He knows it, I think fans want him with us as much as I want that, but as I always said he has to make a choice, he has to discuss it with his family. His decision will be respected by all of us."
Iniesta was given a standing ovation from both sets of supporters when substituted at the Wanda Metropolitano as Barca completed the first part of a likely domestic double.