According to Spanish publication 'Mundo Deportivo', the German champions have been in touch with Barca to ask about the possibility of signing the midfielder this summer.
The Bavarians are by no means the only interested party, though, with French giants PSG and Monaco having also registered their interest in the player.
Although neither Rakitic nor Barcelona have suggested that Rakitic will be on his way this summer, the arrivals of Arthur and Arturo Vidal have led many to suggest that the Catalans could be tempted to cash in on the playmaker before the European transfer window slams shut.
However, he is believed to remain a key part of manager Ernesto Valverde's plans, with sources close to Barca suggesting any interested party would have to pay his €125m release clause in order to lure him away from the club.
Rakitic has made 214 appearances for the Spanish champions since joining the club in 2014, scoring 30 goals and laying on 26 assists.
Despite having already turned 30, Niko Kovac is reportedly ready to make a significant offer to bring his compatriot to the Allianz Arena as he looks to build a side capable of winning the Champions League.
With Vidal having already departed and reports linking Real Madrid with Thiago Alcantara, Bayern could soon find themselves short on numbers in the middle of the park, making a move for Rakitic all the more appealing.