Coutinho has struggled to make much of an impact in Barcelona, and the Catalan club have reportedly grown frustrated with the man they paid £130 million for.
Liverpool were one of the Premier League clubs linked with a loan move for their former player, but Coutinho has instead ended up in the Bundesliga with Bayern Munich.
Barcelona will recieve a €20 million loan fee for the Brazilian, but will be sending the money straight to Liverpool, according to Sport.
The Reds are still owed money for the transfer of Coutinho in 2018, a deal which was structured with add-ons and clauses.
Liverpool were themsleves relatively conservative in the transfer market this season, with Jurgen Klopp citing squad harmony as more important than transfers.
But this windfall will no doubt help provide the Anfield side with added financial firepower should they decide to strengthen in January.
Get the best features, fun and footballing frolics straight to your inbox every week.
Thank you for signing up to Four Four Two. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.