The 32-year-old has been on loan at boyhood club Vasco de Gama since last summer but the deal is due to expire at the end of the month.
Coutinho and the Brazilian club are keen to extend his stay and are now negotiating with Villa, who are considering terminating the remainder of the player’s contract, which still has a year left to run.
While Vasco have been paying a portion of the former Liverpool and Barcelona star's salary, such a move would also help Villa reduce their wage bill and their efforts to comply with Uefa’s cost control measures.
“The goal is to keep the player. There is no problem between him and Vasco. The point is to resolve the situation with Aston Villa so we can move forward,” Vasco CEO, Carlos Amodeo, told the Brazilian press.
“Coutinho is a player we want to count on for the rest of the season. We’re in contact with his staff awaiting his release.”
Coutinho, once the second most expensive player in the world when he joined Barcelona from Liverpool in 2018, scored five goals in 19 Premier League appearances during a loan spell at Villa in the second half of the 2021-22 season.
But he has made just a further 22 top flight appearances, with only seven of them starts, since the deal was made permanent for £17m in the summer of 2022.
His last outing for the club came in a 4-0 win over Everton in August 2023, when he suffered a hamstring injury.
Coutinho spent the 2023-24 season on loan at Qatari club Al Duhail before joining Vasco last summer.