Arsenal are reportedly giving consideration to paying £27m in order to tie up a season-long loan deal for Barcelona playmaker Philippe Coutinho.

Despite being keen to part ways with the Brazilian on a permanent basis, Barcelona are said to accept that none of their European rivals will be prepared to meet their asking price this summer.

According to Sport, that has led to the Catalan giants setting out their demands with regards to another season-long loan, which would come on the back of a similar spell being spent at Bayern Munich.

The report claims that Arsenal were weighing up the possibility of shelling out £27m to bring in the former Liverpool star for the next campaign.

While Barcelona are said to be looking for a fee of £18.2m, Coutinho is also earning £9.1m per year at Camp Nou.

Coutinho's agent Kia Joorabchian has links with the North London outfit, seemingly increasing the chances of a deal being successfully negotiated.