Barcelona were relentless in their pursuit of Coutinho over the summer and had three bids for the Brazilian rejected, one of which was worth £118million.
The Catalan giants are widely expected to make a fresh move for the 25-year-old in January.
Reports have emerged suggesting Barca will hold a meeting with Liverpool this month to establish whether a deal can be struck to sign Coutinho when the transfer window reopens.
And according to Spanish publication Diario Gol, the interest in Coutinho places fresh doubt over Rakitic’s future.
The report says Rakitic won’t play second fiddle and settle for a place on the bench.
It is also said the Croatian could still stay in January and reassess his future in the summer.
Rakitic’s versatility as a midfielder makes him an attractive proposition for any club.
Insofar as Coutinho is concerned, Barcelona legend Ronaldinho recently admitted he would like to see him play for the club.
He said: “I would be very happy to see such a talented player wear the shirt I wore for so many years.
“I believe the way he plays will perfectly suit Barcelona and would be delighted to see a player of such quality wear the shirt.
“I like the way Coutinho plays and the type of football he brings.
“Those types of qualities will hopefully help Brazil win the next World Cup.”