The Brazilian has been the subject of interest from Barcelona, but he looks set to snub a move to the Spanish giants by committing his future to the Reds.
Coutinho, who is currently earning £75,000-a-week will pocket double that on his new deal that expires in 2022.
Philippe Coutinho is on the verge of agreeing a new five-year deal with Liverpool
Liverpool predicted XI to face Southampton
Tue, January 24, 2017
Express Sport brings you Liverpool's predicted XI to face Southampton in their EFL Cup semi-final second-leg clash
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Who will Jurgen Klopp start against Southampton in the EFL Cup?
And according to the Mirror, Liverpool are keen to offer new deals to three more players once Coutinho's contract is wrapped up.
They claim Gomez, Can and Origi are the next three in line to have their contracts discussed with all three part of Jurgen Klopp's plans going forward.
Can's contact is closest to expiring with his deal up in the summer of 2018, while Origi is a year later, followed by Gomez in 2020.
Divock Origi's current contract expires in 2019
Emre Can is attracting interest from Juventus
But the Reds are keen to secure the futures of their young stars with European giants showing interest,
Can has been linked with a move to Juventus with scouts reportedly casting an eye over him in Liverpool's 1-1 draw with Manchester United earlier this month.