Coutinho has struggled since his self proclaimed dream move to Barcelona in the January transfer window of 2018.
The Brazilian failed to make an impact at the Camp Nou and was shipped out on loan to Bayern Munich last summer.
But Coutinho is finding life equally frustrating in Munich having failed to hold down a place in the starting line-up.
The serial Bundesliga winners are likely to return Coutinho to Barcelona come summer and his parent club are reported to be looking for a buyer.
Emmanuel Petit believes Coutinho regrets his decision to leave Liverpool when he did.
Petit told Paddy Power: "If I was Philippe Coutinho, every morning I would wake up and think to myself, 'Why, why, did I sign in Spain?'
"And do you know why I say this? Because, I can remember the time when I’d wake up, when I was at Barcelona, when I left Arsenal, and I was thinking the same way, 'Why did I leave? Why did I leave? Why did I leave?'
"To be honest with you I am sure Coutinho has been asking himself the same question for a while now. He left for Bayern Munich, he does sometimes play well but he’s not really a first-team player."
The 27-year-old has been linked with a return to the Premier League and even to his former club Liverpool.
He's also been reported to be a target for Chelsea, while Arsenal and Tottenham were both linked last summer.
Petit reckons there is a slim chance of him rejoining the Reds - but tips Coutinho to succeed somewhere else in England's top-flight.
"I’m pretty sure it would work out for him [returning to England]. He fits perfectly with the Premier League," he added.
"He’s got the vision, the technique, the speed, he can strike, he has the creativity.
"He won’t go back to Liverpool. When I was at Barcelona, they wanted me back at Arsenal, and it was tempting – I was close to returning to Arsenal.
"If Coutinho is honest with himself, since he left Liverpool they have won the Champions League and they’re on the way to winning the Premier League. Liverpool haven’t needed him, so why would he go back to Liverpool?"
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