Speculation linking Coutinho with a move to Barcelona has gathered pace in recent days as the Spanish giants consider possible replacements for Paris Saint-Germain target Neymar, but Liverpool have reportedly placed a £134m price tag on the Brazilian's head.
Saunders believes that the 25-year-old is replaceable, though, even suggesting that Manchester United's Juan Mata, Everton target Gylfi Sigurdsson and Real Madrid attacker Isco are possible options to fill the void.
"£100m sell him. For me, he's replaceable. You could sign Isco for £30m. He's not going to get a game at Real Madrid," Saunders told talkSPORT.
"Juan Mata, Sigurdsson - there are players you could sign to replace Coutinho. [Luis] Suarez was irreplaceable. Certain players are irreplaceable.
"I like Coutinho. The last game I watched he was brilliant but £100m? Once they knock the door as a player he's gone."
Liverpool are understood to have already rejected one bid of £72m for the playmaker, who scored a career-best 13 Premier League goals last season.