The 32-year-old Perth beauty will be joining the likes of Alex Nation and Cass Wood on the tropical island.
Despite Richie telling Rachael she had "blown him out of the water", he went on to choose single mother Alex Nation as his leading lady.
"You've got to follow your heart. Coming in here, of course you'd love to be the girl at the end.
"It hasn't worked but that's fine - at least I gave it a shot," Rachael said at the time.
Since wowing Richie in her itsy-bitsy red bikini, Rachael has continued to show off her banging bod on Instagram.
Rachael has also been busy with her full-time job as a Support Worker, as well as dabbling in the world of social media modelling.
Promos for BIP indicate that Rachael is set to be involved in a complex love square with Richie and two of his other exes.