The 27-year-old Brazilian centre-half is being tracked by a number of clubs around Europe, including several in the Premier League, and has been targeted by Arsenal head coach Mikel Arteta and technical director, Edu as part of a proposed overhaul of the squad.
During his time in England, Coutinho netted 41 goals in 152 Premier League appearances, his eye-catching form for Jurgen Klopp's side earning him his big-money switch to Barcelona.
However, the Arsenal board are waiting to see the outcome of Saturday's FA Cup final before making any transfer commitments, with the impact of European qualification significant on their finances.
Another loan deal is on the cards for Coutinho and Arsenal have emerged as the favourites.
Arsenal need to win against Chelsea at Wembley to qualify for the Europa League, which would provide a budget boost for Arteta this summer.
In addition, Serie A champions Juventus are also reportedly interested in Guendouzi, who has not featured since his war of words with Brighton's Neal Maupay last month.
Coutinho spent the season on loan at Bayern Munich, but the German giants opted not to trigger a purchase option in the deal. The Bundesliga champions have shown no interest in signing him permanently.
Arsenal appear to be a step closer to signing Philipe Coutinho from Barcelona.
The Brazilian made himself a household Premier League name during his five-year stay at Liverpool, joining the Merseyside outfit for just £8.5 million in 2013 from Inter Milan, before leaving the club in January 2018 for a fee of up to £142 million.
Hyper Scape Coming to Xbox and PlayStation in August
A FOREVER EVOLVING GAME: Map changes, a steady flow of new customization options, thrilling gameplay opportunities... With the upcoming launch, the Hyper Scape Open Beta , now live on PC only, will end on 3rd August 3PM UTC+8.
Vietnam reports 2nd death, more cases linked to hospital
The ministry announced, in a statement, that more than 41,000 people have visited the three hospitals since July 1. The health ministry also reported 45 new cases, which is the highest daily increase amid a recurrence of the virus.
Collin County reports one death, 101 new COVID-19 cases
There have been 1,029 Marshall County residents who have recovered from COVID-19 and 31,879 have recovered throughout the state. Only slightly more men than women have been infected with 50 percent of the cases being male and 49 percent, female.