And the north London side were given hope earlier this week that they could sign the 28-year-old on loan for the 2020/21 campaign.
But Barca’s latest social media involving Coutinho suggests that he will have a big role to play at the Nou Camp this season.
The Brazilian is seen snapping his fingers to get a shirt on back-to-front, throwing his arms up in the air more times before the number 14 appears on his jersey.
This is the number the Brazilian wore when he arrived from Arsenal’s rivals Liverpool in January 2018 for an initial £105m.
After changing to the number 7 for the 2018/19 season, where he made just 20 appearances for Barca, the midfielder was shipped out to Bayern.
And Coutinho thrived at the Allianz Stadium, helping them to win the Champions League – but he will not be returning to Germany.
A statement from the Bundesliga giants earlier this month read: "After the treble-winning season, FC Bayern says 'Thank you' and 'Goodbye, take care' to Philippe Coutinho.
"The Brazil international, who joined Bayern on loan from Barcelona last August, returns to the Catalan side following the expiration of his season-long deal.
"Due to the suspension of matches resulting from the coronavirus pandemic and subsequent lockdown, the 28-year-old attacking midfielder’s contract at Bayern was extended to cover the end of the Champions League finals tournament in Lisbon."
Coutinho is not the only La Liga star Arsenal are looking at, though as they have had their eye on Atletico Madrid’s Thomas Partey throughout the summer, with a £45m deal being negotiated.