The Gunners were heavily linked with the Brazilian earlier in the transfer window and the Gooner understands that Mikel Arteta still wants to bring Coutinho to the Emirates.
Previous talks over a move stalled as Bayern Munich - where the 28-year-old spent last season on loan - were keen to keep the playmaker for their Champions League campaign.
Coutinho has struggled at the Camp Nou since his £105 million from Liverpool in 2018, but new Barca boss Ronald Koeman has given him a second chance and wants to keep him for the 2020/21 season.
Despite the Dutch boss expressing his desire to keep Coutinho, Arsenal still believe a loan move could be struck to bring him to north London.
Arteta has already signed Willian, Gabriel Magalhaes and Dani Ceballos this summer, and he is keen to strengthen his squad further before the transfer window closes on October 5.