They are closing in on Coutinho’s team-mate Denis Suarez.
But Morgan wants more activity and thinks selling Mesut Ozil, who can’t even get in the match day squad despite earning £350,000 a week, and Aaron Ramsey who will leave in the summer for free, could free up some cash.
However a deal for Arsenal is highly unlikely without Champions League football.
Arsenal could drop to sixth in the Premier League today if Manchester United beat Tottenham by more than three goals.
. (Image: Twitter)
They would need to be in Europe’s top competition to afford more marquee signings and are currently strung financially due to the big contracts being paid to Ozil, Henrikh Mkhitaryan and Pierre-Emerick Aubameyang.
Yesterday Emery insisted he was happy with his group but also admitted the club were working on signing.
“We have good players,” Emery told Sky Sports.
“We need to continue to working and taking confidence.
Philippe Coutinho has struggled at Barcelona this season (Image: GETTY)
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“The club is working but I am happy with the players.”
Coutinho’s future at Barcelona is uncertain having fallen out of the team.
Links to Manchester United have emerged this week and, despite wanting to stay, he could move on in the summer if the situation doesn’t improve.