Liverpool kicked off a busy final week of the transfer window by announcing the signing of Naby Keita, although he will not join until next summer.
But they are chasing the signatures of both Lemar and Virgil van Dijk ahead of Thursday’s deadline.
Southampton have insisted they are reluctant to sell Van Dijk while Liverpool have had two bids rejected for Lemar.
Signing both players could cost Liverpool in the region of £150million and Redknapp believes the Reds could be tempted into allowing Coutinho to chase his dream move to Barcelona.
“Coutinho wants to go to Barcelona and it’s hard to begrudge anyone doing that,” Redknapp told Sky Sports’ The Debate show.
“It’s the same with Van Dijk wanting to go to Liverpool or Chelsea.
“It’s a really interesting and I’m looking forward to seeing how these all work out.
“The fact that Liverpool are bidding for Lemar and believe they have a good chance tells me the Coutinho one could still be alive.”
Barcelona have had three bids rejected by Liverpool this summer with Jurgen Klopp’s side insistent the Brazil international is not for sale.
But the La Liga giants are preparing a fourth and final bid to test Liverpool’s resolve in the next few days.
Coutinho has made it clear to Liverpool he wants to leave Anfield after submitting a transfer request a couple of weeks ago.
Klopp has grown increasingly frustrated by questions over Coutinho’s future but maintains he will still be a Liverpool player come the end of the window.