Liverpool have refused to sell Coutinho to the Catalan giants this summer.
The Brazilian was their No.1 target to replace Neymar following his world-record £200m move to Paris St-Germain.
But despite reportedly offering up to £138m for Coutinho, Liverpool have held firm.
Ousmane Dembele was signed by Barcelona, but ahead of tonight's 11pm La Liga deadline, they are still in the market.
According to Spanish radio station Cadena Cope, they could turn to former Real Madrid star Ozil.
The Arsenal man has failed to attract much interest this summer, with his contract running down.
The World Cup winner has not agreed a new deal at the Emirates yet, leaving his future in doubt.
Cadena Cope add Arsenal have set a price of £55m on Ozil.
It is said Barcelona think of the 28-year-old as an alternative to Coutinho if they ultimately fail to land him.
Arsenal were close to selling Alexis Sanchez yesterday to Manchester City in a £60m deal.
But their inability to get Thomas Lemar from Monaco saw the Gunners block Sanchez's exit.
It remains to be seen, though, if they would allow Ozil to go without the ability to immediately replace him.
