A report from a Spanish publication has poured cold water over rumors that Philippe Coutinho is set to join Arsenal on a sensational loan move this window. The Barcelona forward's future is still being discussed up to this point, the report claims.

The Catalan club is ready to let go of the Brazilian player, with the latest rumors suggesting that they are open to loan the 26-year-old out for the coming season. They have included a clause in which the loan club would be an option.

Due to such reports, fans thought that Arsenal was ready to accept the terms Barca have laid out, as their head of football Raul Sanllehi was set to discuss an agreement with the club before the clubs battle it at out at the Camp Nou this Sunday.

Barcelona are due to play Arsenal at Camp Nou on Sunday and it was claimed that the match would offer the chance for officials from both clubs to discuss a potential deal. But Mundo Deportivo claims that Arsenal sources have denied the suggestion that they are exploring the possibility of signing Coutinho on loan.

However, the ambitions have been deemed unnecessary from the Gunners' point of view, as the deal won't be happening any time soon. According to the report, Arsenal officials and the forward's agents have reached out to the club to say that they are not interested, despite the team retaining its interest in the midfielder.

As for the La Liga player's camp, the report says that Coutinho would not accept the terms to depart the club and that the La Blaugtana too have not suggested that it would be possible, with the former Liverpool star bent on proving his worth in Spain.

Should Coutinho leave, he would want to do so permanently, with a move back to the Premier League his preferred destination. But with only a few days left until the window closes, neither Chelsea, the Reds, or Manchester United have offered any proposals.

With the lack of time and interest, the Brazilian is likely to move to Paris Saint-Germain, as part of an exchange deal that would perhaps put Neymar back to the La Liga club.  

Arsenal are in the market for a new central defender and Barcelona's Samuel Umtiti was linked with a move to the Gunners earlier this summer. But the France international is expected to remain at Camp Nou with Barcelona holding out for a €60m (£54.8m) transfer fee.

Both France and Spain can still buy and sell players up until Sept. 2, giving them a lot of time left for deals and such.