Rake told City A.M. this morning that, subject to regulatory approval, he will take up a position on its board on 1 September.
Shares in the bank dipped 0.8 per cent to 273.8p in early trading, although they later recovered those losses, rising 0.35 per cent to 276.95p in lunchtime trading.
In a statement this afternoon, Rake added that he had been "very impressed by the Worldpay story so far" and was "looking forward to being part of the journey ahead".
Rake, a highly respected business leader who is also chairman of BT and the president of the Confederation of British Industry (CBI), has been on the board of Barclays since 2008.
The news comes exactly a week after Barclays sacked chief executive Antony Jenkins. Rake was leading the search for a replacement - although yesterday he told City A.M. the bank was "months" away from making a hire.
At the time of Jenkins' ousting, new chairman John McFarlane said a "new approach is required".
"As a group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it."
15 July 2015 @ 9:45amBarclays (BARC)