The 27-year-old failed to nail down a regular starting spot for the Catalan giants but have recaptured some of his former while on loan with Bayern Munich in the Bundesliga.
Jurgen Klopp remains a huge fan of the attacking midfielder despite being critical of his decision to force a move, but a return might now be on the cards.
Spanish outlet Mundo Deportivo have reported that although Barcelona would publicly request £100m for the former Inter Milan man, they would quietly be willing to accept anything in the region of £70m.
Ex-Reds midfielder Steve McManaman will be delighted with the news that Coutinho could return, having made the suggestion to his former team earlier this week.
He told HorseRacing.net: “I wouldn’t mind seeing him back at the club. He’s a brilliant player and I think a lot of it is just down to economics.
“If they can bring Coutinho back for a reasonable fee and potentially sell a couple of players who’re not playing all the time, then that could work.
“There are rumours that Xherdan Shaqiri may leave at the end of the season, Adam Lallana may want to play more often.
“If there’s space available then I’d certainly like Coutinho back as he was a wonderful player for Liverpool.
“He’s that type of player for when plan A isn’t working then he could certainly change the game.
“He scored some incredible goals for Liverpool and though he’d have to win the fans over after he asked to leave, I think that most fans would recognise how good he was for Liverpool.
“He seems to have lost his way a bit at the minute, he needs a bit of TLC and an arm around him doesn’t he?
“So if he wants to come back to Liverpool and the deal was good then I’d have no qualms taking him back because he’s a lovely player.”
He said: "In general, Phil Coutinho helps each team in the world, still 100 per cent. It's not about that.
“I like Phil, I think he's a fantastic footballer and all that stuff, but it would be a big, big, big, big, big, big, big, big-money signing and it's not our year for that.
"It's just not possible. As I said, having him would make each team better, us included, but I really hope that he finds his luck at Barcelona.”