It was Barca's second bid for the winger and it compromised of €85m up front with €15m in add ons.
The Brazilian playmaker has been linked with a big-money move to Camp Nou for some time now, with the transfer talk intensifying on the back of Neymar's record-breaking €222 million switch to Paris Saint-Germain.
Coutinho signed a five-year contract at Anfield back in January, with Liverpool ensuring that no release clause was inserted.
The Reds are believed to have rejected an initial bid of £72 million, last month, with Jurgen Klopp informing the La Liga giants that they were wasting their energy trying to land the Brazilian as a replacement for Neymar.
The versatile attacker has not returned to training since suffering the knock and is currently receiving treatment at Liverpool's training complex. Any reports coming out of Melwood is that he's handling this situation impeccably.
Coutinho has scored 34 goals and provided 29 assists for Liverpool since joining in 2013 but former Barcelona coach Cesar Luis Menotti has warned the club's supporters against believing he will be the new Neymar.
Liverpool's Philippe Coutinho is not for sale according to his club.
"Today, no player on the planet is untouchable".
Liverpool kick off their season away to Watford this weekend and they will be hoping on an improvement on a fourth place finish from last season but competition amongst the top six teams already looks ferociously competitive. But just because of one request of one club, we don't have to think about that. Moving to either of Barcelona or Real Madrid is considered the pinnacle of most footballers' careers, and hence, it remains to be seen if Liverpool can maintain this hardline stance.