The 19-year-old has established himself as one of the most exciting young prospects in Brazil having scored 14 goals and provided one assist in his 44 games for Vasco de Gama this season.
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Vasco believe that Rayan will leave for pastures new before the end of the season, and according to Portuguese publication O Dia, will demand €30m (£26m).
The report adds that Tottenham are the early favourites to secure Rayan’s services, but they won’t have a clear run at the forward.
Premier League rivals Aston Villa are said to be keen on Rayan, with Chelsea also keeping tabs on the situation.