The 27-year-old will join Hansi Flick’s side on loan for the 2025-26 season with the deal including a £30 million option to buy next summer.
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According to transfer guru Fabrizio Romano, Rashford can now be considered a Barcelona player, although neither club has announced the deal just yet.
Rashford, who spent the second half of last season on loan at Aston Villa, is understood to have pushed for the move, prioritising a move abroad.
Barcelona will pay 100% of his reported £300,000 per week wages but are currently unable to register the England international.
Flick’s side will have to sell players this summer in order to ensure Rashford and fellow new signing Joan Garcia are able to play in La Liga next season.