The Serbia international has become one of the world’s most sought-after talents, with Manchester United and Chelsea also reportedly preparing big-money bids to secure his services.
The former Genk man made 34 appearances last campaign, scoring 12 goals and contributing to the Eagles fifth place finish in Italy’s top flight.
Milan are also said to be chasing Adrien Rabiot from Paris Saint-Germain, according to La Gazzetta dello Sport but will have to compete with Barcelona.
Barcelona boss Ernesto Valverde is unsure of Rafinha’s future at the Camp Nou.
The Brazilian joined Inter Milan on loan in January after struggling to cement his place in the Barca team since making his debut in November 2011.
The short-term deal to Inter included a purchase option of around £30m, however, the I Nerazzurri were against paying the proposed fee.
“I’m happy with having Rafinha for the first team and he is playing well, but until August 31, we have to see what happens,” Valverde said.
“I want the market to close so I know who I can count on.”
Inter sporting director Piero Ausilio said that Rafinha’s asking price was the issue for the Italian side.
He said: “His (Rafinha’s) case is a unique and is exclusively an economic issue.
“We know the commitment that we have with Barcelona, but until August 31 there is time to negotiate.”
Rafinha is the younger brother of Bayern Munich and Spain midfielder Thiago Alcantara. The brothers rose through the ranks at Barcelona, but now both have had to leave the club of their youth in search of first-team football.
Julian Draxler could leave Paris Saint-Germain by the end of the month, according to Le10Sport.
The Ligue 1 champions boss Thomas Tuchel is considering using new signing Thilo Kehrer in midfield, which would further reduce Draxler’s chances for minutes this season.
The 24-year-old joined the Ligue 1 champions from Wolfsburg in January 2017, having left Schalke 18 months earlier, but he could now return to the Bundesliga.
Borussia Dortmund and Schalke are both interested in the German international, with only Schalke making contact about a possible summer deal.