The 32-year-old has spent six seasons at the Allianz Arena after joining from Genoa in 2011, and has won five league titles, three German cups and a Champions League during his stint in Munich.
Over the summer, Rafinha was linked with moves to Arsenal and Chelsea and, according to 'Sky Sports', the Premier League champions had a bid rejected for the full-back on deadline day.
Rafinha has already featured seven times for Bayern this season and has pledged his loyalty to the Bavarian club but hinted that that might change if he does not get enough game time.
"Bayern's bosses know I already had offers from England and Spain before the season started," Rafinha told Sport Bild.
"I have Bayern in my heart and I always give 100 per cent, they can always count on me.
"Therefore, I think those responsible understand that I really want to play, otherwise I will have to think about my future."