Luis Enrique's side beat La Liga rivals Atletico and Real Madrid to the Croatian, with a £15million deal and potential add-ons.
Sevilla star Rakitic will sign a three-year contract with an option for an extra season and it will also make Fabregas' impending move to Chelsea easier to finalise.
The 26-year-old is currently with the Croatia squad ahead of their friendly against Australia on Saturday, but met with Barcelona earlier in the week.
Barcelona may not announce the signing until next Tuesday, with a few details left to polish on the central midfielder's contract.
Rakitic becomes the Blaugrana's third summer signing after goalkeeper Marc-Andre Ter Stegen and another Croatian, youngster Alen Halilovic.
They are still interested in procuring Atletico Madrid midfielder Koke, but his £50m release fee clause is prohibitive.
Sevilla's playmaker was a key figure in the team's Europa League triumph last season.
Coach Unai Emery was resigned to seeing his best player leave, telling Canal Plus on Thursday: 'I could understand if Rakitic leaves.
'In an ideal world, he would stay but I know he has several offers.If he leaves, we must try to sign another Rakitic.'
With just one year to go on his contract, Sevilla have been forced to sell Rakitic for less than they would have liked.
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