The Croatian midfielder has had a great season, captaining Seville to Europa Cup glory, scoring 12 league goals and providing 10 assists.
Rakitic's versatility is also note-worthy as he as shown his ability to play as an out and out attacking midfielder, a central midfielder or defensive midfielder.
According to the reports, Rakitic has already signed a 5 year personal deal with the Catalan outfit, and a transfer worth around £20million will be announced within the weekend.
Rakitic has also been a summer target for several other European giants like Liverpool, Real Madrid and La Liga Champions Athletico Madrid.
Rakitic is also being thought as the one to replace the outgoing Cesc Fabregas, whose return to the Premier league is becoming more and more inevitable with each passing day.
Earlier this week, Barca and Spain centre-back Gerard Pique was overheard telling Spain coach Vicente del Bosque that the midfielder will be leaving for €33million.
Although Chelsea FC are thought to be front runners for Cesc, it is clear that Barca intend to sell him to the highest bidder.