His current deal runs until 2028, but according to journalist Matteo Moretto, the two sides are now in the final stages of finalising fresh terms.
"There is a fairly advanced negotiation between Barcelona and Raphinha. The contract ends in 2028," Moretto said on La Tribu, revealing that the Brazilian had previously turned down interest from Saudi Arabia to prioritise staying at Camp Nou.
"At the start of summer, Saudi Arabia approached Raphinha and presented him with a very significant offer. It's not that he didn't want to consider it, he listened to it, but he prioritised Barça."
The discussions extend beyond simply extending the length of his contract, with Barcelona also looking to improve his financial terms, though the club is keen not to disrupt its wider salary structure in the process.
"There is a very advanced negotiation over Raphinha's renewal. In this final stretch of the year, his contract would also need to be extended in salary terms," Moretto said.
Barcelona's caution reflects broader financial discipline at the club rather than any reluctance to reward the winger.
"They want to improve his terms a little, because Barça doesn't want to blow past the salary cap, they don't want to raise it too much, because at a club the most important thing is managing the salary situation so that it's as healthy as possible," Moretto explained. "They want to extend the contract and give him more, but always carefully."
Raphinha has established himself as one of Barcelona's most important attacking players since joining from Leeds United in 2022, and a new deal would provide the club with long-term security over one of the key figures in Hansi Flick's squad. The Brazilian has been a virtual ever-present in Barcelona's forward line since his arrival, and his end product in front of goal has made him increasingly difficult to replace as the club looks to build around its core group of attacking talent, including Lamine Yamal.
Talks are expected to continue in the coming weeks as both parties look to formalise an agreement that reflects the forward's standing at the club.
For Barcelona, tying down Raphinha alongside their other key contracts is seen as a priority as the club continues to manage its finances carefully following several years of financial restructuring.