Coutinho has been told by Barcelona that he can leave the Nou Camp this month.
The Brazilian is said to be keen on a return to the Premier League, just 18 months after leaving Liverpool for £142million.
The midfielder’s agent has apparently called a number of top English clubs.
Reports surfaced earlier today that Arsenal had agreed a 12-month loan deal for the 27-year-old.
But according to the Guardian, the Gunners told Coutinho’s representatives they are only interested in signing defenders.
The north London side smashed their transfer record to capture Nicolas Pepe for £72m last week.
And after losing skipper Laurent Koscielny to Bordeaux for £4.6m earlier today, they are now on the hunt for his replacement.
Meanwhile, Sky Sports claim Tottenham have made a formal loan offer for Coutinho.
Head coach Mauricio Pochettino has called the Barcelona star to try and convince him to join him in north London.
Pochettino has a good relationship with the playmaker having managed him at Espanyol.
Spurs are planning for life after Christian Eriken after the Dane was linked with a move to Manchester United.
Ole Gunnar Solskjaer could lose Paul Pogba so he sees Eriksen as an ideal alternative.
But the United boss also has one eye on Coutinho’s situation, although they have yet to make an approach.
Sporting Lisbon’s Bruno Fernandes is also a target for Old Trafford chiefs.
But they must act quick to secure any deal as the transfer window shuts in less than 48 hours.