Currently on-loan at Villa from Barcelona, his deal carries a £40m permanent option.
However, Mundo Deportivo says Arsenal could step in and rumble Villa's plans, with football chief Edu a big fan of his compatriot.
Any move to Arsenal could hinge on the Gunners qualifying for next season's Champions League.
Reaching the elite competition would go a long way to Arsenal convincing Coutinho to snub Villa this summer.
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