The Reds are looking for a replacement for Philippe Coutinho who joined the Catalan club in a £142m deal earlier this week.
And Jurgen Klopp is favourite to seal the transfer of Rakitic ahead of Arsenal.
Manchester United are also interested but are outsiders to sign the Croatia international.
BetStars Director of Trading Ian Marmion said: “The arrival of Philippe Coutinho at the Nou Camp has cast a shadow of doubt over Ivan Rakitic’s long-term future in Barcelona’s starting XI, with the Croatian keen for a quick escape route if he is downgraded to the bench.
“A number of the Premier League’s top clubs are already eyeing up a swoop for the Barca star.
“Liverpool are the 4/1 favourites to add the central midfielder to their squad in a straight swap for their former Brazilian playmaker.
“Arsenal follow closely behind at 6/1 to sign the 29-year-old as a possible replacement for the Manchester-bound Alexis Sanchez, while Man Utd are the outsiders at 12/1 to become the Croatia international’s next destination.”
Rakitic has been in good form for Barcelona this season, providing three assists in his 18 La Liga games.
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Liverpool are favourites to complete the signing of Ivan Rakitic from Barcelona
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