This afternoon French publication L’Equipe claimed Arsenal were on the verge of completing a blockbuster loan deal for Coutinho.
But fresh reports now suggest there are four Premier League club monitoring the Brazilian’s situation - with Arsenal’s north London rivals Tottenham right in the mix.
The transfer merry-go-round is heating up with the window set to close at 5pm on Thursday.
Manchester United are right in the thick of things as they look to bolster their attacking ranks.
Barcelona have apparently told Philippe Coutinho he can leave (Image: GETTY)
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Jurgen Klopp is also said to be keen to bring his former midfielder back to Anfield.
Barcelona have reportedly told Coutinho he is free to leave and the 27-year-old is keen on returning to the Premier League.
The La Liga giants will likely demand a loan fee to cover the instalments they are still paying Liverpool.
Barcelona signed Coutinho for £142m 18 months ago but he failed to make a substantial impact at the Nou Camp.