Barcelona have sealed a £138m deal for Coutinho, The Sun claim.
Liverpool finally accepted defeat in their bid to keep hold of the Brazilian playmaker.
Coutinho handed in a transfer request earlier in the window, showing his strong desire to join Barcelona.
And it now appears he will finally get his wish.
The 25-year-old has been targeted by the Catalan giants as a replacement for Neymar.
Having seen three bids rejected for Coutinho by Liverpool owners Fenway Sports Group, a fourth offer seems to have been accepted.
The £138m move will be the second-biggest transfer in football history after Neymar's £200m switch to Paris St-Germain from Barcelona.
Liverpool have already looked to replace their chief creator, despite insisting their recent transfer business was not to do with Coutinho's future.
The £40m signing from Arsenal of Alex Oxlade-Chamberlain was announced at 12pm today.
Monaco winger Thomas Lemar and Southampton centre-half Virgil van Dijk are still being targeted too in a potentially expensive final day of the summer for Liverpool.
But it looks like Coutinho will go, with a 7pm announcement from Barcelona suggested by The Sun.