Currently on-loan with Bayern Munich, Coutinho is up for sale and fielding major interest from the Premier League.
Le 10 Sport says Gunners boss Arteta is particularly eager to bring the former Liverpool star back to England this summer. Arteta is excited by the prospect of working with Coutinho and is in agreement with Arsenal director Raul Sanllehi about signing the Brazil international.
The stumbling block for the moment is Barca's assessment. The Catalans are currently demanding €80m to sell the midfielder - which is far too rich for Arsenal.
A swap involving Matteo Guendouzi has been mooted, but the cash component involved will need to be settled.