VĂ„lerenga signed the winger, who has Serbian roots, from KFUM Oslo last autumn, with Rajkovic putting pen to paper on a contract running through the 2028 season. He has scored two goals and set up another in 13 Eliteserien appearances this year. Arsenal and Chelsea lead the chase for his signature, reports Norwegian broadcaster TV 2, while stressing that neither club currently holds any advantage over their rivals.
Barcelona and Manchester United are also said to be among the clubs monitoring him, along with several other major European sides.
Barcelona are reported to have scouted Rajkovic when he scored his first Eliteserien goal against BodĂž/Glimt, while Manchester United are said to have run the rule over him during a match against Sarpsborg 08.
Despite the growing interest, Rajkovic has previously said his focus remains on his development at VĂ„lerenga, and that he has not yet decided whether he wants to leave. He has also turned down trial invitations from several major clubs in the past.
"I'm not interested in that. I want to stay here at VĂ„lerenga and continue my development," he has said previously.
VĂ„lerenga's prized talent has also revealed that Manchester United were his boyhood favourite club, adding an intriguing subplot should the Premier League side firm up their interest. For now, though, all parties appear content to let his development continue in Norway, even as scouts from some of Europe's grandest clubs continue to watch his every move.
Rajkovic's rise has been rapid by any standard. He made his senior debut for VĂ„lerenga at just 15 years and 20 days old, becoming the youngest player in Eliteserien history and surpassing a record previously held by Arsenal captain Martin Ădegaard.
Predominantly left-footed, he operates mainly on the left wing but has also featured on the opposite flank and as an out-and-out striker when required, underlining the versatility that has made him such an attractive scouting target so early in his career.