The now 34-year-old has been without a club since leaving Vasco da Gama in February. Coutinho scored nine goals across his 37 games for the club.
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Now, according to journalist Lucas Musetti Perazolli, Coutinho is now set to link-up with former Brazil teammate Neymar at Santos.
The two former superstars are known to be good friends, with Coutinho now expected to undergo his Santos medical on Friday (September 11).
Santos currently sit in 13th in the Brazilian Serie A with eight wins, eight draws, nine defeats, and 32 points from their 25 games.