The 30-year-old has been instrumental for the Blaugrana since his 2014 move from Sevilla, registering 29 goals and 27 assists in 214 appearances.
Rakitic has also helped Croatia qualify for the last 16 of the World Cup thanks to his performances in the middle of the park.
According to Diario Gol, the Barca star has set out his intentions to finish his playing career in the Premier League.
In addition, Rakitic is reportedly worried that he will see playing time reduced at Camp Nou following the January arrival of Philippe Coutinho and has already spoken to compatriot Luka Modric regarding life in England.
Rakitic has also turned out for Basel and Schalke 04.