While the playmaker has produced solid numbers during a loan spell at Bayern Munich, the German champions have no desire to retain his services on a permanent basis.
Agent Kia Joorabchian has suggested that the former Liverpool man is keen on a return to the Premier League, comments which have led to increased talk about a potential switch to the Emirates Stadium.
With Joorabchian having a strong working relationship with key figures behind the scenes, the Gunners are expected to try to negotiate a loan agreement with Barcelona.
Here, Sports Mole takes a look at how the 28-year-old could line up in Mikel Arteta's first XI.
Although Coutinho is generally more effective as a number 10, Arsenal's success with a back three may dictate that he is used out on the flanks.
Arteta may jump at the opportunity to use Aubameyang down the middle, putting him a position where he would likely rotate between Coutinho and club-record signing Pepe.
With Kieran Tierney having impressed on the left-hand side of a back three, Bukayo Saka appears best suited to take over at left wing-back, unless Arteta can convince the Arsenal board to keep hold of Ainsley Maitland-Niles.
However, to get all four attack-minded players on the pitch, there will be a willingness on Arteta's part to switch to a 4-2-3-1 formation, allowing Pepe to hold down a role on the left.
The Spaniard would then be in a position to use Coutinho as the most creative midfielder in a three alongside Granit Xhaka and potentially Thomas Partey, who continues to be linked with a move from Atletico Madrid.