The Brazilian's 'dream move' to the Camp Nou has not gone as planned after falling down the pecking order under former Barcelona manager Ernesto Valverde.
Barcelona are now reportedly keen to move the Brazil international, who is on loan at Bayern Munich, in order to make funds for incoming transfers.
Spanish publication Sport have now reported that Chelsea are in 'advanced talks' for a loan move for the 27-year-old, who has registered nine goals and eight assists for Bayern this campaign.
It is believed that the London outfit have been eyeing the Brazilian attacker ever since Eden Hazard departed for Barca's biggest rivals Real Madrid last year.
However, the Blues were unable to sign players in the July/August transfer due to a transfer ban, which was eventually lifted just before the transfer window.
After struggling at Inter Milan, Coutinho made a name for himself in England with Liverpool where he notched up 54 goals and 45 assists in 201 appearances.