Coutinho is being linked with PSG despite being desperate to move to Barcelona back in the summer.
The Brazil international handed in a transfer request in a bid to force a Nou Camp move but, despite his best efforts to broker a move away from Merseyside, ended up staying put.
PSG have since emerged as a potential destination with Neymar supposedly desperate for Unai Emery to sign his close friend and compatriot.
But Spanish outlet Don Balon claims their purchase of Neymar in August means Liverpool No10 Coutinho will not be plying his trade at the Parc des Princes.
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PSG stunned the world when they activated the forward's £200million release clause in the summer.
And Neymar in turn rocked football by deciding to leave Barcelona, despite being one of the club's marquee names.
PSG also made a splash by landing Kylian Mbappe on loan, with the France international set to sign on the dotted line for £166m at the end of the season.
And Don Balon say PSG's decision to sign Neymar means that a deal for Coutinho is unfeasible.
Liverpool News: Philippe Coutinho will not be joining PSG
The Ligue 1 giants need to meet Financial Fair Play regulations – with governing body FIFA coming down hard on clubs who do not comply.
Meanwhile, Liverpool boss Jurgen Klopp is not thinking about his star asset departing in January.
“I’ve no clue. We will see. We don’t talk about things like this,” he said.
“Can you imagine what it would be like if I said 'yes we have an agreement'?
Liverpool News: PSG cannot sign Philippe Coutinho because of Neymar and Kylian Mbappe
“In this moment, the 100 per cent truth is that nobody thinks about this. We don’t talk about it, why should we?
"In both cases it would not make sense – no, there is no agreement, yes, there is an agreement. It is not important in the moment.
"We have other moments when we have to talk about these things but not in October.”
Coutinho is expected to miss Liverpool's Champions League clash against Maribor tomorrow (7.45pm).