Coutinho has had a rough couple of years since leaving Liverpool, struggling at Barcelona and then failing to secure a permanent move to Bayern Munich after being loaned out. The Bundesliga champions have shown no interest in signing him permanently.
The Catalan giants could pay around half of Coutinho's salary, though Arsenal would have to pay a loan fee of around €10m.More news: Free VPN Providers Exposed Their Users Data Through Unsecured Server
The highly rated coach is considered to have the Gunners heading in the right direction, with a sense of optimism returning after claiming some notable scalps in the Premier League and en route to the FA Cup final.
Guendouzi has been frozen out of Mikel Arteta's plans in North London over apparent attitude problems.
The 28-year-old moved to FC Barcelona in a £140m deal from Liverpool FC in the 2018 January transfer window following his five-season stint at the Merseyside outfit.More news: Lions QB Matthew Stafford placed on COVID-19/reserve list
Coutinho has scored 8 goals and provided 6 assists for Bayern this season in his 23 appearances.
Arsenal fans and pundits have urged the board to back Arteta in the transfer market.
Elsewhere, questions have been asked of Mustafi's role on a regular basis during his time with the Gunners, and Arteta has admitted to being in the market for another centre-half after seeing the Germany worldwide ruled out of his immediate plans through injury.More news: Wisconsin's governor makes face coverings mandatory in indoor spaces