Barcelona are continuing their attempts to sign Coutinho despite Liverpool’s insistence he is not for sale.
And Spanish outlet Diario Gol say Vazquez is in favour of a move to Anfield in the coming hours.
The 26-year-old has been linked with a move to Liverpool all summer, with reports also saying Arsenal were keen to snap him up.
Vazquez is not guaranteed regular game time in Spain, with the likes of Cristiano Ronaldo, Gareth Bale and Karim Benzema all above him in the pecking order.
And Diario Gol claim he is waiting to see what happens with Coutinho.
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Should the Brazil international leave, then that would open up a space in Jurgen Klopp’s side for Vazquez.
Though Liverpool want Thomas Lemar and Alex Oxlade-Chamberlain, Vazquez could be a shock arrival.
But the Spain international is not the only player who may be moving away from the Bernabeu.
Additionally, Nacho Fernandez is wanted by Roma director Monchi.
And midfielder Mateo Kovacic is also attracting interest from Roma’s Serie A rivals, Juventus.
Kovacic has also been linked with a move to Liverpool but Massimiliano Allegri’s side appear frontrunners for his signature.
Vazquez, meanwhile, has won seven major trophies since making his debut in 2015.