Here is my amateur attempt to your problem.
The number is rational iff there exist integers $\,p, q\in \mathbb N\,$ such that $\displaystyle\,\sqrt{\frac{k\left(m^2+1\right)}{n^2+1}}=\frac{p}{q}.\,$
$\,m^2 + n^2\,$ is square $\iff$ there exist an integer $\,r\in \mathbb N\,$ such that $\,m^2 + n^2 = r^2\,$
Thus we get a system
$$
\left\lbrace\begin{aligned}
\frac{p^2}{q^2} &= \frac{k\left(m^2+1\right)}{n^2+1} \\
r^2 & = m^2 + n^2 \\
\end{aligned}\right.
\implies
\left\lbrace\begin{aligned}
p^2 & = k\left(m^2+1\right) \\
q^2 & = n^2+1 \\
r^2 & = m^2 + n^2
\end{aligned}\right.
\implies
\left\lbrace\begin{aligned}
m^2 & = \frac{p^2}{k} - 1 \\
n^2 & = q^2 - 1 \\
r^2 & = \frac{p^2}{k} + q^2 - 2
\end{aligned}\right.
\implies
%\left\lbrace\begin{aligned}
% p,q,r \in \mathbb N, \\
% \frac{p^2}{k} \in \mathbb N ,\\
%\end{aligned}\right.
\left\lbrace\begin{aligned}
%\frac{p^2}{k}
p^2&/k\in \mathbb N^+ ,\\
p^2 &\ge k>0 \\
q^2 & = n^2 + 1
\end{aligned}\right.
$$
so the problem is only solvable for $\,k\in \mathbb Q^+.\,$
Also, $\, r^2 = m^2 + n^2 \implies m^2 = r^2 - n^2,\,$ therefore
$$
\left\lbrace\begin{aligned}
p^2 & = k\left(m^2+1\right) \\
q^2 & = n^2+1 \\
r^2 & = m^2 + n^2
\end{aligned}\right.
\Rightarrow
\left\lbrace\begin{aligned}
p^2 & = k \left( r^2 - n^2 + 1 \right) \\
q^2 & = n^2+1 \\
m^2 & = r^2 - n^2
\end{aligned}\right.
\Rightarrow
\left\lbrace\begin{aligned}
p^2 & = k\left(m^2+1\right) \\
q^2 & = 1 \\
n^2 & = 0 \\
\end{aligned}\right.
%\Rightarrow
\implies
\left\lbrace\begin{aligned}
m & = \pm\sqrt{\frac{p^2}{k}-1} \\
% q & = \pm 1 \\
n & = 0 \\
k & \ge 0
\end{aligned}\right.
$$
The problem is only well-defined for $\,k \ge 0.\,$
Note that case $\,k=0\,$ is trivial, so we require $\, k \in \mathbb Q^+.\,$
Additionally, $\,r^2 = m^2 + n^2 \ge 0 \,$ is non-trivial iff $\,r^2 >0.\,$
If $\,r^2=0\,$ we would get $\,m = n = 0.\,$
$$
%m^2= \frac{p^2}{k}-1 \implies
%\frac{p^2}{k}-m^2 = 1 \implies
\left\lbrace\begin{aligned}
&p^2 = k\left(m^2+1\right) \\
% &n^2 = 0 \\
&\frac{p^2}{k} + q^2 > 2
\end{aligned}\right.
\stackrel{q^2 =1}{\implies }
\left\lbrace\begin{aligned}
p^2 & = k\left(m^2+1\right) \\
p^2 & > k
\end{aligned}\right.
\implies m^2 >0 \implies m \neq 0
$$
$$
0<k \in \mathbb Q^+ \implies k = \dfrac{a}{b}, \ a,b\in \mathbb N^+
\implies
%p^2 = \frac{a\left(m^2 + 1 \right)}{b}
m^2 = \frac{b}{a}p^2 - 1\\
\bbox[5pt, border:2pt solid #f10000]{b p^2 - am^2 = a}
$$
In this way we obtained a second order Diophantine equation with $\,a,b\in \mathbb N^+\,$ given and $\,m\,$ can possibly be determined from the equation above by choosing appropriate integer values of $\,p.\,$
Note that if we assume integer $\,k \in \mathbb N^+,\,$ we get Pell-like equation which might be easier to solve.
$$
\bbox[5pt, border:2pt solid #f10000]{m^2 - kp^2 = - 1}
$$
According to WolframAlpha, if one of the solutions of such an equation is known, then the rest can be computed using standard techniques for Pell Equation.
In particular, for $\, k = 2\,$ we get $\, a=2, \ b= 1,\,$ and
$$
\bbox[5pt, border:2pt solid #f10000]{m^2 = 2p^2 - 1}
$$
so that in addition to $\,n=0\,$ we get
$$
\begin{aligned}
p &= 1 &\implies& &m &= \pm 1, \\
p &= 5 &\implies& &m &= \pm 7, \\
p &= 29 &\implies& &m &= \pm 41, \\
\end{aligned}
\\
\cdots
$$