Liverpool are supposedly seeking a replacement for Coutinho, in case the 25-year-old forces a switch to Barcelona in January.
Coutinho has reportedly agreed a £200,000-a-week, five-year contract with Barca and all the Nou Camp club have to do now is negotiate with the Reds.
And Lemar is said to have shot up their wish list in a big blow for Arsenal.
Arsenal were close to landing Lemar in the summer after agreeing a fee with Monaco.
The deal would have seen the France winger replace Alexis Sanchez at the Emirates.
But Lemar snubbed the move and instead opted to stay in Ligue 1.
Arsenal are reportedly ready to go back in for the 22-year-old next month.
But they may struggle to convince the player to join up in north London.
The Independent claim Lemar wants instead to move to Liverpool, with Jurgen Klopp a ‘longstanding’ admirer of the player.
Liverpool will make a £90million offer for Lemar in January, the report claims, even though he will be cup tied from the Champions League knockout stages.
And a deal to Anfield would likely spark Coutinho’s expected departure to Barcelona.