Coutinho's relatively unsuccessful 18-month stint at Barca could therefore be heading towards its conclusion, with Paris Saint-Germain, Manchester United and Liverpool mooted as potential destinations.
The Gunners signed Pepe in a club-record £72m deal from Ligue 1 outfit Lille last week to make the Ivory Coast global the most expensive player in the north London side's history. He was also part of the side which was humiliated by Liverpool in the Champions League Semifinal at Anfield.
The 27-year-old has endured a turbulent time in Barcelona since leaving Liverpool back in 2018.
He wanted to stay and fight for his place but with Barcelona looking to accommodate new signing Antoine Griezmann, Coutinho and his representatives have started to explore alternatives.
But Emery has played down reports linking them with a stunning loan move for Coutinho.
North Korea fires projectiles twice into sea, claims South
South Korea's defence ministry said the launches went against the spirit of easing tension on the Korean peninsula. But the North insists even the downsized drills violate agreements between the leaders.
Alli To Miss Start Of Premier League Season With Injury
However, Stefano Sensi pulled one back for the Italian outfit in the 36 minute. I can not say more because I don't know exactly how much time.
Korea fires projectiles twice into sea, S. Korea says
The Council has banned exports including coal, iron, lead, textiles and seafood, and capped imports of crude oil and refined petroleum products.
Although Kia Joorabchian didn't name Arsenal specifically.
Sources have told ESPN FC that the player has been offered to both Manchester United and Tottenham. "I have players there and I have all the respect, but in regards to Philippe, it would be extremely hard, an nearly impossible move", he said.
However, Leonardo's arrival at the club has cooled that idea and now everything points to the Premier League.
"We've never talked about Coutinho", he said.
Whether or not Arsenal will make a move for Khedira remains to be seen, but questions can certainly be asked about whether or not this is a worthwhile transfer.