The Barcelona midfielder has struggled for form and fitness at Camp Nou ever since arriving fours year ago in a deal worth £142million from Liverpool.
Tottenham Hotspur, Newcastle and the Gunners have all reportedly registered an interest in bringing the Brazil international back to the Premier League after his successful stint on Merseyside.
According to Spanish outlet Sport, Barca and Coutinho's representatives have told interested parties they will try to facilitate a deal in any way they can with Coutinho reportedly earning £380,000-a-week.
The 29-year-old wants to make it into the Brazil squad for the 2022 World Cup later this year, with regular game time his sole priority.
Cadena Ser journalist Bruno Alemany, speaking to Què T'hi Jugues, claims Coutinho would 'choose Arsenal' instead of Newcastle if Barca can move one of their biggest earners off their books.
Spanish football correspondent Terry Gibson told talkSPORT wages could be a problem, but that Barca would be willing to share some of the cost.
"Coutinho hasn't fitted at Barcelona - simple as that," Gibson told Hawksbee and Jacobs.
"When he came, we wasn't sure if he was going to be in the midfield three or front three, nothing has worked out.
"Went away to Bayern Munich, he was available then but for some reason Barceloana don't appear able to do a deal with anyone.
"The wages are a problem, but if they are to move forward, they're going to have to take on paying some of the wages for wherever Coutinho goes."