He is currently in Brazil for the World Cup, where he is among Croatia's leading lights and played in their defeat by Brazil in the opening game last week.
Rakitic linked up with the national team off the back of his best season at Sevilla.
Barca released a statement last night:
"FC Barcelona and Sevilla FC have reached an agreement for the transfer of Ivan Rakitic. Ivan Rakitic will sign a contract with FC Barcelona for the next five seasons. Both clubs have also agreed for Denis Suárez to be loaned to the Andalusian club for the next two seasons."
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