Jurgen Klopp's men have had a torrid start to the year, winning just one game in seven matches in all competitions.
The Reds suffered a shock 3-2 defeat to Swansea last time out, but Coutinho says his side can still catch the west London outfit.
"It's a tough league, yes," he told the Daily Mail.
Philippe Coutinho says Liverpool are not out of the title race
Philippe Coutinho and Co. in Liverpool training ahead of FA Cup clash with Wolves
Fri, January 27, 2017
Express Sport brings you the best pictures from Liverpool's latest training session ahead of their FA Cup Fourth Round clash with Wolverhampton Wanderers at Anfield on Saturday (3pm)
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Liverpool were hard at work on Friday night ahead of their clash with Wolves
You say Chelsea win the league, but we are giving up on nothing
"You say Chelsea win the league, but we are giving up on nothing.
"We have to fight for the title, this season and the next season.
"We had a setback against Swansea and Chelsea are a good team."
Coutinho also admitted to being a big fan of fellow Brazilian Willian and Belgian winger Eden Hazard.
Philippe Coutinho is a big fan of Chelsea duo Eden Hazard and Willian
Fans react on Twitter as Philippe Coutinho signs new Liverpool contract
Wed, January 25, 2017
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Liverpool FC via Getty Images
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Fans react on Twitter as Philippe Coutinho signs a new Liverpool contract
He added: "I like Eden Hazard and Willian, they are the hardest opponents, but that is the ambition of our club too.
"We have to fight for the best, compete and continue to compete.
"That is what this club must demand from all of us. That is why I am here."
Coutinho, who recently put pen to paper on a long-term deal with the Reds, could feature in Liverpool's fourth round FA Cup tie with Wolves today (12.30pm).