The Brazilian is set to undergo his medical at the Catalan outfit later this morning.
Coutinho has already been unveiled by the club, spoke on Barcelona TV and spent time in the club shop allowing fans to print his name on their strips.
But if Liverpool had their way, the 25-year-old would be a Barcelona player but would stay on Merseyside until the end of the season.
According to the Daily Mail, Liverpool’s FSG owners made the suggestion to Coutinho’s agent Kia Joorabchian.
However, the midfielder turned down the offer as he was desperate to play for the La Liga leaders.
The Mail reports Liverpool offered the deal due to Coutinho being cup-tied in the Champions League.
Speaking over the weekend, the player said: “This is not about money. It’s about the chance to play for Barcelona, to live in Barcelona.”Speculation was rife Coutinho missed Liverpool’s last two games due to his desire to leave Anfield.