The 27-year-old joined Quique Setien's side in a big-money move from Liverpool but has struggled to make a lasting impact at Camp Nou since his arrival in 2018.
Coutinho has spent this season on loan at German champions Bayern Munich, although the Bundesliga outfit have allegedly made it clear that they do not intend to sign the winger on a permanent basis.
According to The Mirror, Leicester have joined a host of top Premier League sides in the battle for Coutinho's signature, with Manchester United, Chelsea, Tottenham Hotspur and Arsenal all being linked with the former Liverpool man.
However, the report also states that Brendan Rodgers is keen to work with Coutinho again following their stint at Anfield but is aware that the Foxes may not be able to compete financially with the likes of United.
The Brazil international, who has registered eight goals and six assists in Germany's top flight this season, will see his current deal at Barca expire in 2023. body check tags ::