The Brazilian attacking midfielder, who can also play on the left wing, is not wanted by the Catalan giants.
His on loan at Bayern Munich this season was a modest success, but the German giants do not want to sign him permanently.
Mundo Deportivo is reporting that if the Saudi-backed takeover of Newcastle goes through, they will come in for Coutinho.
The player would love a return to the Premier League where he played his best football with Liverpool.
The move will appeal to him even more if Newcastle can persuade former boss Rafa Benitez to come back.
Coutinho left Liverpool in January 2018 for a staggering £142 million, a fee he has not come close to justifying since.