Barcelona will reportedly offer Chelsea and Arsenal the chance to sign outcast midfielder Philippe Coutinho for £75m.

Coutinho is out of favour at Camp Nou and has spent the season on loan in the Bundesliga with Bayern Munich.

The German champions are not expected to take up the opportunity to sign the 27-year-old on a permanent basis, however, due to the hefty sum Barca are holding out for.

According to The Sun, it could now be a straight shootout between Premier League rivals Chelsea and Arsenal for Coutinho, who starred for Liverpool during his previous spell in English football.

Coutinho's representative Kia Joorabchian revealed last week that the Brazilian playmaker would "love" to play in the Premier League again.