The Brazilian, whose current deal expires in the summer, has been with Bayern since 2011, but he struggled for regular football last season.
"Of course, I am delighted to be a Bayern Munich player," Rafinha told kicker-Sportmagazin.
"Bayern Munich is the best club in the world, playing for this club is truly a dream come true. I would be very happy to be able to stay on at the club beyond the end of the season."
A number of European clubs are believed to be monitoring proceedings.