After news emerged of Barcelona's directives travelling to Liverpool to seal the deal, everything pointed towards the Reds caving after finding it hard to refuse a lucrative offer for the Brazilian.
However, Sky Sports revealed that the side managed by Jurgen Klopp have remained firm and have turned down the second offer made by the Catalans, understood to be in the region of €85m (£76.8m) up front, with €15m (£13.6m) add-ons.
The La Liga giants could return with an improved offer for their top target, with the mentioned source claiming they are willing to pay as much as £109 million for Coutinho's signature.
It remains to be seen whether Liverpool can see out their fight to retain the Brazilian, or if it is just a manouver to up Barcelona's bid.
BREAKING: @LFC have rejected a second bid from @Barcelona for Philippe Coutinho. More on Sky Sports News from 10.30pm #SSN pic.twitter.com/kfFetVC62G
— Sky Sports News (@SkySportsNews) 9 August 2017