The former Liverpool star has spent this season on loan at Bayern Munich and the Bundesliga champions have opted not to exercise their option to buy.
Barcelona want to sell their £142m flop, but a season-long loan with an obligation to buy appears more likely.
And Catalan Sport reports that Coutinho has agreed personal terms with Arsenal to join them on loan next season.
Philippe Coutinho’s agent says the Brazilian is open to returning to England – He loves to play in the Premier League.
Coutinho is represented by the same agent as Willian – Kia Joorabchian.
Willian, 31, also looks set to join the Gunners this summer after rejecting a two-year contract extension at Chelsea.
Arsenal have offered the Brazilian a three-year deal on £100,000-a-week, and his imminent arrival could be the start of a busy summer at the Emirates.
Arsenal are reportedly set to spend £100million this summer with Thomas Partey, Gabriel Magalhaes and Dani Ceballos identified as Mikel Arteta’s top targets.
According to The Sun, Lucas Torreira, Ainsley Maitland-Niles, Matteo Guendouzi and Shkodran Mustafi could all be leaving, while the futures of Sokratis and Rob Holding are not certain as Arteta looks to get rid of the deadwood.