The diminutive attacker has struggled since he moved to the Midlands club permanently.
The Brazilian is spending the season on loan in Qatar at Al-Duhail SC and may have to move to another team.
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Per TNT Sports Brazil, there is an offer for Coutinho from Vasco da Gama, with the club wanting him on loan.
They are willing to pay a fee of around 4 million to sign him permanently when the loan ends.
The deal would have an obligation to buy, which would appeal to his Premier League club.