Barcelona continue to press ahead with their pursuit of Coutinho despite Liverpool rejecting three transfer bids so far.
And Catalan newspaper Mundo Deportivo claim a deal could be dependent on the Reds’ efforts to sign Sanches.
The teenager, who just a year ago was billed as the world’s most promising young midfielder, looks likely to leave Bayern Munich on loan.
The German giants want him to gain experience away from the Allianz Arena and Liverpool, as well as Swansea and Chelsea, are keen to snap him up.
It is said Liverpool have earmarked Sanches as the player they want to replace Coutinho.
But, until they land their man, the Brazil international will not be granted his dream move to Catalonia.
Liverpool would rather take their time to ensure they sign Sanches as they feel announcing Coutinho’s exit would put pressure on Jurgen Klopp.
Mundo Deportivo add Liverpool want a deal for Coutinho that would ultimately rise to an eyewatering £148m.
The Reds reportedly want a guarantee of at least £128m up front to part with their prized asset.
The other £20m would then be received if Coutinho meets certain clauses, such as winning the Ballon d’Or.
Barcelona supposedly feel they will sign the Brazil international eventually.
But Liverpool could make them sweat by choosing to focus on luring Sanches to Merseyside instead.