Barcelona-based Sport newspaper said Coutinho would join Barca this month on a deal for five seasons, although it said the details of the deal were still to be finalized, AFP reported.
Coutinho's departure would be a blow to Liverpool, but it would allow Barcelona to move on from the bitter experience of losing his Brazil teammate Neymar last summer to Qatar-backed Paris Saint-Germain for a world record €222 million.
Coutinho's age – he is 25 – is also attractive to Barca, whose three main stars, Lionel Messi, Luis Suarez and Andres Iniesta are all in their thirties.
French sport daily L'Equipe reported on Saturday that Liverpool was lining up Leicester's Riyad Mahrez to replace Coutinho, although other reports have indicated that the Merseyside club would prefer to acquire Thomas Lemar from Monaco.
Fifteen for freedom
Coutinho is losing out on a fortune by forcing through his move from Liverpool to Barcelona – according to reports in Spain.
The Brazil star is about to complete a transfer but is paying £15 million out of his own pocket to secure the deal and rejected more money from PSG and Real Madrid, says Mundo Deportivo.
Fellow Brazilian Paulinho reportedly paid a chunk of his release clause last summer when he moved from China to Barca.
And Cesc Fabregas offered to swallow £4 million of bonuses due to him when he quit Arsenal for a Nou Camp return in 2011.
Coutinho won’t be on the breadline for too long as Nike – who make Barca’s kit – is going to increase his wages for being a brand ambassador.
Liverpool is sponsored by New Balance so the American brand will be much happier to see him wearing its logos from head to toe.
A busy day of negotiations between the Anfield club – which had a Merseyside derby to plan for and now a racism storm to handle – and the La Liga side came to a close with a sense of agreement.
The only reason Barca is yet to make a song and dance about its new playmaker is the Catalan side still has to agree the payment deadlines.
Coutinho's entourage have been working away to get the deal done since the summer when the first moves were made but Liverpool dug in and retained him for an extra five months.
The Brazil star is expected to have a mammoth £445 million release-clause fee, which are often little more than a PR stunt in Spain.