Coutinho spent the season on loan at Bayern Munich, but the German giants opted not to trigger a purchase option in the deal.
He has been linked with a move back to England, where he shone in the Premier League for Liverpool.
Arsenal are interested and they are willing to offer Matteo Guendouzi to Barcelona to secure Coutinho permanently, but the Catalan giants do not want the Frenchman.
Another loan deal is on the cards for Coutinho and Arsenal have emerged as the favourites.
Arsenal would not be able to afford Coutinho’s full €13.7m per year salary, but Barcelona are prepared to help out.
The Catalan giants could pay around half of Coutinho’s salary, though Arsenal would have to pay a loan fee of around €10m.
Coutinho has been offered to a host of Premier League sides this summer, including Tottenham Hotspur.
