According to reports in Germany, Coutinho has failed to impress the top brass at Bayern, and the Bundesliga giants have no plans to make his loan move permanent.
Barcelona have a new boss in Quique Setien, who may wish to take a closer look at the Brazil international and even find a place for him in his Barca side.
But should Setien wish to head in another direction, then the once £142million replacement for Andres Iniesta will be forced to look for a transfer elsewhere.
Coutinho’s options are largely limited given the amount it would cost to sign him and then to pay his extortionate wages.
A move back to either the Premier League or Serie A seems most likely, as he has played in both divisions with relative success.
He also attracted much attention from clubs in England prior to signing for Bayern Munich on loan, with Manchester United,Chelsea and even Liverpool linked with him.
Arsenal were also linked with the Brazilian, and even though they wouldn’t appear to be the obvious destination for Coutinho, they may have an advantage over their rivals.
Coutinho’s agent is an Iranian businessman named Kia Joorabchian.
A life-long Arsenal fan, Joorabchian has previously considered investing in the Gunners but was kept at bay by the Arsene Wenger regime.
The club were keen to avoid getting involved with superagents, but things have changed in north London since the Frenchman left.
Joorabchian is very good friends with former Gunners star Edu, and according to The Athletic, helped broker the deal for the Brazilian to become technical director at Arsenal.
Joorabchian had a hand in Arsenal’s transfer for David Luiz in the summer and is also the agent of the Gunners’ top January transfer target, Layvin Kurzawa.
There is nothing yet linking former Liverpool star Coutinho with a move to Arsenal, with neither the club nor player reportedly keen on a deal taking place.
But should the Brazilian discover he needs to find a new club in the summer then the Gunners may well just be one of the clubs Joorabchian looks to sell to.