Barcelona spent the summer searching for a new central midfielder who would play understudy to veteran Iniesta.
They signed Paulinho from Guangzhou Evergrande but were also chasing a more forward-minded player.
Philippe Coutinho, Jean Seri, Marco Verratti and Angel Di Maria were all contacted regarding a passible transfer.
Barca failed to land any of their targets during summer of frustration.
But former Arsenal star Petit reckons they should have looked at Rabiot as the natural successor to 33-year-old Iniesta.
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“He always takes the initiative, even before he moves,” Petit told Sport.
“He reminds me of Inietsa in many ways, although I know there will be people who will jump on me for saying that.
“He has a similar way of playing because, above all, they both play with a lot of simplicity.
“He still has to work on being more consistent and try to simplify his game a little more.
“He plays with too much confidence and his mistakes can affect him.”
Rabiot, 22, has scored twice for PSG this season and has started all seven of their matches so far this campaign.
The PSG youth product, who was moved around a number of academies including Manchester City’s during his teenage years, earned his first international cap for France last year.
As for Iniesta, the player insists he is yet to agree terms on a new contract at Barcelona, even though the club have issued statements confirming a deal has been met ‘in principle’.
Iniesta’s current contract expires in the summer of 2018.