Despite the success, Bayern have declined their option to sign Coutinho permanently and he will return to Barca this summer.
But the Catalan club hope he won't stay for long as they look to raise funds for other transfers, namely the pursuit of Inter Milan forward Lautaro Martinez.
Goal says Barca have contacted the two Premier League clubs over a loan deal for the 2020/21 season.
This would significantly help their wage bill to fit in Argentina forward Martinez.
Conversely, Coutinho's salary could be off-putting to both Arsenal and Newcastle.
Both clubs have yet to respond to Barca's call, with the latter still awaiting confirmation that their £300m ownership takeover will be accepted by the Premier League.