Rakitic figured on their radar after seeing Barca bring in the likes of Philippe Coutinho, Arthur, Malcom and Arturo Vidal during recent windows.
The 30-year-old shunned their advances, though, and is now ready to commit to fresh terms at Camp Nou.
Rakitic told Sport: “It's something that I've already spoken to the club about, before and during the World Cup.
“It'll arrive soon but there's no rush. I know that the club looks after its players well and I'm confident the 'presi' will call me soon.”
Rakitic has also revealed that he was never close to trading La Liga for Ligue 1.
He did consider an offer from PSG, but was always determined to remain at Barcelona and fight for his place.
“I listened to my wife and my heart and I realised that I'm very privileged to wear Barcelona's shirt,” he added.
“To defend this badge is the greatest honour. There isn't a team in the world who could give me more, unless it's money.
“My eldest child has been at their school for two years and she has her friends. The youngest is about to start preschool. We're very happy here and in that regard it was a very easy decision to make. I'm proud to continue at Barca.”
Rakitic was never forced into making a decision by Barcelona, with the Liga heavyweights stopping short of accepting the terms tabled by PSG.
“If that had been the case, then we would've talked,” said a man who graced the 2018 World Cup final with his country over the summer.
“We'd need to see what was best for everyone and if the club had approached it that way, then maybe my reaction would've been different.
“The most important aspect is that we can work together and that what might be good for me, might be bad for the club.
“The most important thing is we want to continue working together. I feel very wanted by the people at this club and the supporters. That's why I made the decision so quickly.”