The talented youngster is currently on loan from Barcelona with Celta Vigo, where he has impressed this season.
According to Spanish newspaper El Mundo Deportivo, the 21-year-old is a target for Liverpool, Manchester United, Manchester City and Arsenal.
Barcelona tied him down to a new contract last summer when his brother departed for the Allianz Arena.
However, according to the newspaper, his new deal includes a release clause which is worth €30 million - and both Manchester United and Manchester City are willing to activate it.
Manchester United are likely to be in the market for a new midfielder in the summer and Rafinha could well fit the bill, while rivals Liverpool have regularly targeted players from Spain since Brendan Rodgers took charge at Anfield.
The Red Devils tried to sign Thiago Alcantara before he eventually joined Bayern, while they also looked to lure his Barcelona team-mate Cesc Fabregas to Old Trafford last summer.
Manchester City meanwhile are likely to be well aware of Rafinha's ability given the presence of former Barcelona chiefs Feran Soriano and Txiki Begiristain at the Etihad Stadium.
The most likely outcome is that Rafinha remains at the Nou Camp with Barcelona - however El Mundo Deportivo say he wants assurances that he'll have a role with the first team from next season.
The paper adds that his decision could be influenced by the potential arrival of former midfielder Luis Enrique as new coach in the summer.
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