News of the fresh offer being turned down came courtesy of The Times' Paul Joyce:
According to Pete Jenson of the Daily Mail, the latest bid from the Blaugrana is worth €125 million (£114.2 million). It's added they are "desperate" to get the deal done and may increase their offer to €130 million (£118.7 million).
Last week Liverpool's owners issued a statement insisting Coutinho was not for sale, though later that day the Brazilian issued a transfer request to the club.
It appears Barcelona have not been deterred in their willingness to get the player to the Camp Nou, though. According to Mandeep Sanghera of BBC Sport, the Reds have already turned down two offers from the Catalan giants, the second of which amounted to £90 million.
Sport's Rik Sharma was shocked at the offer and that the Merseyside club opted to reject it:
Barcelona need to make some reinforcements to their squad, and it appears they've chosen Coutinho as a primary target.
The Blaugrana lost Neymar to Paris Saint-Germain earlier in the summer for a world-record £200 million. Not only did his sale leave Barcelona without one of the best players on the planet, it's left the club in a lull.
That much was evident in the two recent Super Cup matches against Real Madrid. The 5-1 aggregate win for the capital club flattered Barcelona, as they were far inferior to their great rivals in both games. With that in mind, it's little surprise a fresh offer has been lodged for the Liverpool No. 10.
But as noted by Dean Jones, it feels as though Liverpool are going to stand firm, that despite the player's desire to make the move happen:
With the 2017-18 season under way, the Reds will feel as though Barca's interest has simply come too late. As the Blaugrana are finding out themselves, once a big-name player leaves and the club tries to invest the money recouped, potential selling clubs can hold buyers to ransom.
Plus, Coutinho has the capabilities to push Liverpool on to great things this season. He boasts the ability to conjure moments of magic in the final third and dictate play from a deeper position.
Journalist Joel Rabinowitz believes keeping hold of the Brazilian would be a major statement from the Anfield club, too:
It'll be fascinating to see if there's any reaction from the player following this latest rebuttal, though it appears Liverpool's not-for-sale stance is unbending. Rejecting such a massive amount for a player who wants to be elsewhere is a significant show of strength.
Barcelona may have to consider other prospects at this point, as they undoubtedly need to improve their midfield and attacking options before the transfer window shuts. Even for a club as grand as the Catalan giants, Coutinho appears unattainable at this juncture.