Andre Gomes was confirmed as Barca's latest signing on Thursday when they announced an agreement had been reached with Primera Division rivals Valencia.
The Portugal international is the second midfield acquisition made by the Catalan giants during the off-season after Denis Suarez returned to the Camp Nou earlier this month from Villarreal.
Blaugrana head coach Luis Enrique now has a wealth of options at his disposal, with the duo set to provide competition for Rakitic, Andres Iniesta, Sergio Busquets, Arda Turan, Rafinha, Sergi Samper and Sergi Roberto in the middle of the park.
Rakitic was instrumental in the club's back-to-back domestic double successes following his arrival from Sevilla in 2014 and scored the opener in their Champions League final triumph over Juventus the following year.
But the Croatia international's representative, Miquel Sors, questioned Enrique's newest additions by declaring on Twitter: "I think it is time to go."
The 28-year-old has scored 17 goals in 108 appearances across all competitions in his two seasons at the Camp Nou.