The Croatian would sign a 3-year-deal worth just €3.7m per year after completing the €5-10m transfer.
Ivan Rakitic is now 'on the verge' of returning to Sevilla, Diario Sport claim.
The negotiations on the €5-10m transfer are currently at a very advanced stage.
The Rojiblancos are expected to make the Croatian their highest-paid player even though he would have to accept a significant pay cut.
Rakitic would earn €3.7m per season, compared to his Barca's annual salary reportedly set at €13m.
The veteran midfielder would sign a three-year contract with an option to extend for another year.
The 32-year-old is believed to be one of the Blaugrana stars discarded by Ronald Koeman.
Last term, Rakitic managed just one goal in 42 matches in all competitions.
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