The Brazilian playmaker, 25, has handed in a transfer request and he wants to leave Liverpool this summer.
Barcelona have had three bids rejected, though, as Kop chiefs refuse to sell their prized asset.
Barca want Coutinho to replace Neymar but the fact they haven’t got him as led them to turn their attentions to Angel di Maria as a back-up.
But at the same time, Di Maria isn’t likely to leave PSG unless they get a replacement.
Top of PSG’s wish-list is Monaco hitman Kylian Mbappe, who could make a £160million move to replace the ex-Manchester United man.
Although Marca say that particular deal is only likely to happen if either Julian Draxler, Lucas Moura or Javier Pastore Pastore agree to move the other way.
THE DOMINO EFFECT: HOW COUTINHO DEAL COULD AFFECT TRANSFER MARKET
What may happen if Coutinho stays?
Philippe Coutinho stays at Liverpool forces…
Barcelona to sign Angel di Maria instead…
Which means PSG sign Kylian Mbappe as a replacement…
And one of Julian Draxler, Lucas Moura or Javier Pastore leave PSG in a squad-trimming exercise
What may happen if Coutinho leaves?
Philippe Coutinho leaves Liverpool to join Barcelona…
Angel di Maria stays at PSG as Barca don’t want him…
In turn, Kylian Mbappe is more likely to stay at Monaco…
Julian Draxler, Lucas Moura or Javier Pastore are less likely to go…
And Liverpool will spend big on a replacement with the clock ticking on the transfer window
While Barcelona want Coutinho away, fans of the Merseyside giants may be relieved that at least the Spanish club are not bidding for Sadio Mane.
Another electric performance by the Senegal winger against Hoffenheim last night drew more rave reviews for a player who has become even more indispensable to Liverpool than the Brazilian.
“If Coutinho’s 100 and odd million, then Mane’s 200 and odd million,” said former England striker Ian Wright in a Twitter post that captured the mood on Merseyside.
Hoffenheim never came to terms with Mane’s ability to break defensive lines at pace or his frightening ingenuity when in sight of goal. His two back heels played their part in both Emre Can’s goals as Liverpool, without Coutinho, romped to a 4-2 win.
“(Mane’s) a special player,” said former favourite Steven Gerrard on BT Sport. “He’s becoming a fan favourite here, he scores all kinds of different goals. Lots of pace and he’s a threat all over the pitch.
“He’s very direct and when he gets in he’s got pure quality.”