Chelsea will only be able to move for the unsettled attacker if they can delay their two-window transfer ban for breaching rules around signing young players.
However, if their appeal is successful, they are expected to bring in a number of new faces to prepare for whenever the ban officially kicks in.
Goal say Barca believe Chelsea will look at Coutinho because Eden Hazard is set to join Real Madrid.
After years of flirting with a move to the Bernabeu, Hazard has finally confirmed his future is decided, although he did not say exactly what that means in terms of his next move.
Despite that, Real Madrid are expected to announce his capture when the Blues’ season finishes after the Europa League final on Wednesday, May 25.
Chelsea have already moved to sign Christian Pulisic from Borussia Dortmund and he will arrive at Stamford Bridge shortly.
However, the American is more suited to playing on the right side of attack, while Coutinho operates in the same area as Hazard on the left of a front three.
Since moving to the Camp Nou from Liverpool in a £142million deal last January, Coutinho has struggled to settle and it is claimed club chiefs want to push him out in the summer.
The Brazilian could be part of a huge clear-out at Barcelona as they look to revamp their squad following their shock exit to Liverpool in the Champions League.
Ivan Rakitic is another who could leave with Manchester United and Inter Milan monitoring his situation.
Like Coutinho, other high-profile signings like Malcom and Ousmane Dembele simply have not worked out as they had hoped and they could also be shown the door.
Samuel Umtiti is also reportedly on the transfer list and Arsenal are said to be interested in the France centre-back.
The rebuilding process in terms of bringing in fresh faces has already begun for Barca, with the capture of Frenkie de Jong from Ajax confirmed in January.
Team-mate Matthijs De Ligt is expected to follow him to Spain, although he has the choice of moving to practically any club in Europe.