Coutinho has seemingly been eyed as a replacement for Ozil, although any swap deal would surely require Arsenal to pay a fee on top if they were to sign the South American on a full-time basis.
Barca recruited Coutinho, 28, from Liverpool for £142m in January 2018 and would be unlikely to sell him for less than £60m to £70m.
They agreed a fee with Bayern Munich of around £108m if the Bavarians wanted to make his season-long loan deal to Germany a permanent move.
Bayern, who also paid a loan fee just shy of £8m, opted against exercising that clause after the No 10 endured a tumultuous season at the Allianz Arena.
And the coronavirus pandemic means bringing in a fee of £70m for Coutinho is near impossible.
But the player’s career is in limbo given that he does not feature in Barca manager Quique Setien’s plans, meaning an exit is best for both parties, just as it is with Guendouzi and Arsenal.