Mundo Deportivo claims that the two parties reached an agreement in the summer in which the Merseysiders vowed that they will negotiate Coutinho's transfer to Barcelona if the player didn't refuse to play the Champions League for Jurgen Klopp's side during the first part of the season.
However, the 25-year-old playmaker tried to force a move to Barcelona during the summer with the La Liga giants submitting multiple offers for the Brazil worldwide.
The Brazilian forward moved to Liverpool in an £8.5m deal from Serie A giants Inter Milan in the 2013 January transfer window.
The report reads: "Barcelona is paying attention to the 21-year-old Tottenham Hotspur midfielder as an alternative to Philippe Coutinho".
"Right now there is nothing planned for the January window".
Reports originating from Spain claim that the Reds have struck a deal with the Brazilian that would enable them to retain him for a little longer but then allow him to leave from January 1st.
After sealing their return to the Champions League following a positive season past year, Liverpool fans went into this campaign excited about their chances both in the Premier League and in Europe.
Coutinho has since found the back of the net in his next two games against Russian side Spartak Moscow and promoted side Newcastle United.
Barcelona are ready to make another move for Liverpool star Philippe Coutinho, club CEO Oscar Grau has confirmed, though his arrival will come at a cost.
Well, now a reason has been presented for why Coutinho is clearly playing for Klopp, putting effort in, and has already appeared in the Champions League for Liverpool.
Ernesto Valverde's side take on Atletico Madrid this weekend in the Spanish top flight.