Coutinho is one of the players Barcelona have been trying to move on in recent transfer windows after an underwhelming time at the Camp Nou.
The club are again trying to get him to leave Barcelona in January as they look to cut down their overinflated wage bill by offloading underperforming but high earners from their squad.
There is considerable Premier League interest in the former Liverpool man, with Newcastle keen to land him, while Arsenal, Everton and Tottenham have been linked.
According to Catalan daily Sport, Coutinho has ruled out joining Newcastle, despite the change of owners, as he is not convinced about the sporting project.
The 29-year-old is instead keen on a move to Arsenal and believes they have a team where he can rekindle his club career.
Coutinho has been offered to Arsenal and Barcelona have made clear that they would be prepared to be flexible to help the loan move happen.
Barcelona have also assured Coutinho that they are prepared to make concessions to facilitate his departure.
The Catalan giants feel a good loan spell could then allow a permanent sale in the summer.
