It is understood that the Catalans do not want to keep him, and Coutinho himself prefers a move back to England.
Arsenal are in pole position at the moment, it seems. Mikel Arteta is said to want offensive reinforcements and Coutinho could be just the man. The main problem is his massive salary, which Arsenal are not prepared to pay for. They want him, it is said, but only if he agrees to a salary reduction. At first this seemed like a dealbreaker, but perhaps not.
Matteo Guendouzi has reportedly been offered by the Gunners as a makeweight in a potential deal. There are whispers of a potential offer involving 50 million euro plus Guendouzi for Coutinho. Another alternative: Guendouzi for Arturo Vidal and Ivan Rakitić. The latter scenario, of course, would still not resolve the Coutinho question.