The Reds will feature in Europe's elite competition for the first time since the 2009-10 season when they face Ludogorets Razgrad in their Group B opener on Tuesday at Anfield.
Coutinho has admitted that he has been told all about the club's illustrious history in the competition, and feels that his side have the strength to go on a good run in the tournament this season.
He told reporters: "I've heard all about the experience of playing at Anfield in the Champions League – I can't wait for it to happen.
"I know about Liverpool's tradition in the competition, so hopes will be high. But considering Liverpool as one of the favourites for the Champions League before we kick a ball is something for the fans, not for the team.
"I believe that we have a strong squad, new players have been brought in and we are in a good position to perform well in the Champions League, but without calling ourselves favourites or anything like that."
The Reds succumbed to their second defeat of the season in the Premier League on Saturday. as they lost 1-0 to Aston Villa.