The London Evening Standard says Arsenal are willing to offer Matteo Guendouzi in a player-plus-cash deal to secure a permanent transfer, but Barca are not interested in the French midfielder and are in no hurry to sell. Therefore another loan for the Brazilian is more likely at this stage.
Coutinho is currently on loan at Bayern Munich after an indifferent season-and-a-half at Camp Nou, but the Bundesliga champions will not be taking up their €120 million option to make the move permanent this summer.
Barca had hoped to sell Coutinho this summer for a fee in the region of €80m, but the financial effects of the coronavirus crisis make that almost impossible.
Coutinho's annual wages of around €13.7m are prohibitive for Arsenal and Barca would be willing to pay half his salary, although the Gunners would be charged a loan fee of around €10m for the Brazilian.