The Brazilian star is expected to leave the Nou Camp this summer.
According to a report from the Daily Mail, the Catalan have drastically reduced their transfer fee of the Brazilian star to £21m as they are keen on his sale this summer.
Coutinho moved to the Nou Camp for a whopping £143m from Liverpool in 2018 but has since endured a torrid spell with the Blaugrana, which eventually saw his stock go down.
The former Reds star seemed as if he had regained his form under Ronald Koeman at the start of this season. However, a serious knee injury thwarted his progress.
Barca have been hit financially and are looking to flog the likes of Coutinho, Miralem Pjanic, Samuel Umtiti, who are deemed surplus to requirements.
The Brazilian playmaker has been heavily linked with a return to Premier League for a while, with his former club Liverpool and Leicester City expressing their interest.
However, AC Milan have emerged as the potential suitors for the 29-year-old as they are seeking a replacement for Hakan Calhanoglu.
The Turkish playmaker has recently joined rivals Inter Milan on a free transfer after turning down the offer to extend his contract with Rossoneri.
Stefano Pioli’s side are currently in search of Calhanoglu’s replacement, with Chelsea ace Hazim Ziyech also being linked.
Coutinho can be an ideal option for Milan as he can thrive in the No.10 role in the 4-2-3-1 formation preferred by Pioli.
Furthermore, the Brazilian can find Serie A more suitable to reinvigorate his career.