According to Steve Bates of the Sunday People (h/t the Mirror), the Reds are considering their options in case they end up cashing in on the midfielder and Insigne is on their list of potential targets.
"The Italians insist their star is not for sale, with the domestic season set to start next weekend and a Champions League campaign on the horizon," Bates noted. "But if the Reds bank around £100 million from Barcelona for wantaway Coutinho, they would have the financial muscle to tempt them into a deal."
In addition to Insigne, Liverpool are also reported to be looking at Schalke 04 midfielder Max Meyer.
As Bates reported, the Reds have been adamant that Coutinho will not be moving on in this transfer window despite the player handing in a transfer request.
According to Neil Fissler of the Sunday Express, Barcelona are not ready to give up in their chase for the playmaker and are set to lodge an offer in excess of £100 million for him.
After Liverpool's 3-3 draw with Watford in the Premier League on Saturday, Reds boss Jurgen Klopp didn't sound too confident about keeping his star man:
If the Reds do opt to sell Coutinho to Barcelona, any reinvestment would need to be done efficiently. So it should be no shock to see contingency plans being made.
Insigne would be an intriguing choice for Liverpool. The Italy international had an extraordinary campaign for Napoli last term, pulling defences apart with some dazzling work from the left flank. He has pace, trickery and, like Coutinho, can conjure moments of brilliance.
As WhoScored.com noted, Insigne made major improvements in his finishing last season:
It is reported that Napoli value the winger at around £60 million, a sum that sounds like value for money in this market. But Insigne, a wide forward, wouldn't be a direct stylistic replacement for Coutinho.
While the Brazilian did occupy the spot on the left of a front three last season, he was utilised in midfield during pre-season. You sense that's where he'll operate moving forward, whether donning a red strip or a red-and-blue one in 2017-18.
Having made such a strong stance on Coutinho, insisting he won't be sold, it'll be intriguing to see what decision Liverpool take. Sky Sports News' Kaveh Solhekol suggested his team-mates feel he should get the move:
If Liverpool do dig in their heels, it wouldn't be catastrophic to Coutinho. He would still be able to play football, could earn the support of the fanbase again with some strong performances and could leave the club in 2018 with the blessing of all.
But after selling Neymar to Paris Saint-Germain, Barcelona need to make a massive acquisition and have the money to do so. If they make an extraordinary offer for a player who doesn't want to be at Anfield, there would be a natural temptation to take it.