The playmaker has failed to live up to his £130m price-tag since moving to Camp Nou in January 2017, the Brazilian making just 96 appearances in all competitions.
While the 29-year-old has recently come back into contention after a serious knee injury, Barcelona will have concerns about further add-ons being activated at a time when they need to make cutbacks.
According to El Chiringuito TV, Liverpool want to take advantage of the situation by negotiating a return to Anfield for the playmaker.
The report also suggests that the 29-year-old is open to a second spell at Anfield, aware that Jurgen Klopp's squad could benefit from a creative midfielder who can also feature in a front three.
Coutinho has less than two years remaining on his contract at Barcelona and there is little chance of a renewal. body check tags ::