In addition, Tottenham are expected to cough out loan fee of €30m (£28m/$34m), but are faced with race against time as the English transfer window closes on Thursday, August 8 at 1700 BST.
Liverpool boss Jurgen Klopp is also unwilling to sanction a return for Coutinho, despite the boost the Brazil global would offer as the Merseyside outfit look to end a 30-year wait for a league title.
At one point, the deal looked pretty probable but then Unai Emery made it pretty clear that Arsenal have no plans of moving for the playmaker. We will see if on Saturday he can play some minutes.
There has been no contact between Arsenal and Barcelona regarding a potential loan deal for Coutinho at this point but both sides are keeping their options open with only 48 hours left of the transfer window.
United could still make a move for Coutinho, but are waiting on a decision from Eriksen before they approach Barcelona for Coutinho again.
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It was first suggested that a move to Arsenal was a possibility.
The cited media outlet assures that the attacking midfielder for Barcelona did not consider in any moment the proposal from Tottenham, which seemed to be the best, to join the club for the 2019-20 season.
Italian journalist Alfredo Pedulla reports Juve centre-back Daniele Rugani has agreed terms with the Gunners, who may initially take him on a two-year loan before paying £36.9m (€40m).
Sky even claim 'Tottenham boss Mauricio Pochettino phoned Coutinho in an effort to convince him to return to England'.
"Arsenal are supposedly the frontrunners to sign Philippe Coutinho on loan from Barcelona this summer".