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The Telegraph have reported that the Gunners are in the driving seat to take Coutinho on loan from Barcelona and his £240,000 a week wages aren't thought to be a problem.
Coutinho spent last season on loan at Bayern Munich but the German outfit's signing of Leroy Sane ruled out any more expensive buys.
While Willian looks set to join Mikel Arteta's side from Chelsea on a three year deal.
Blues boss Frank Lampard is currently awaiting Willian's final decision, but it seems the 31-year-old's seven year stint at Stamford Bridge is coming to an end.
Both players are represented by agent Kia Joorabchian who also played a part in the signings of David Luiz and Cedric Soares last season.
The news will come as a shock to many following this afternoon's statement from Managing Director Vinai Venkatesham and Head of Football Raul Sanllehi.
"Throughout the COVID-19 pandemic we have been working hard to ensure that Arsenal Football Club emerges in a robust and strong position for the future," the statement read.
"In line with other football clubs and many other businesses operating in the sport, leisure and entertainment arena, we have been impacted directly by COVID-19.
Arsenal's quote regarding their 55 redundancies! pic.twitter.com/1EIGRdr577
- Football Daily (@footballdaily) August 5, 2020
"Our main sources of income have all reduced significantly. Revenue from broadcasters, matchday and commercial activities have all been hit severely and these impacts will continue into at least the forthcoming 2020/21 season.
"The pandemic represents one of the most challenging periods in our 134-year history and we have responded promptly by implementing wide-ranging measures to reduce our costs.
"Our players, senior football staff and executive team have volunteered pay cuts, we have stopped pretty much all of our capital spending, and our discretionary operating expenditure has been strictly controlled.
Arsenal did stress that 'investing in the team' is still a priority as a means to 'compete effectively at the top of the game.'
"Over recent years we have consistently invested in additional staff to take the club forward but with the expected reduction of income in mind, it is now clear that we must reduce our costs further to ensure we are operating in a sustainable and responsible way, and to enable us to continue to invest in the team.
"Our aim has been to protect the jobs and base salaries of our people for as long as we possibly can. Unfortunately, we have now come to the point where we are proposing 55 redundancies.
"We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point. We are now entering the required 30-day consultation period on these proposals.
"We know this is upsetting and difficult for our dedicated staff and our focus is on managing this as sensitively as possible.
"These proposed changes are ultimately about ensuring we take this great football club forward, creating the right organisation for a post-Covid world, and ensuring we have the resources to return to competing effectively at the top of the game here and in Europe."
Featured Image Credit: PA Images
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