Barcelona are desperate to discharge Coutinho this summer after they failed to impress during a temporary spell at Bayern Munich.
There were signs that Barça might have trouble moving the 27-year-old due to requests for his transfer fees, as the La Liga giants want at least £ 70 million in return.
But Chelsea could offer an alternative solution to Barça and Coutinho, by giving it a loan for a season that could eventually become permanent.
The Spanish publication Sport reports that Chelsea are already in talks on a possible agreement involving Coutinho.
The London club wanted to sign the playmaker last summer but were still subject to a transfer ban imposed by UEFA.
Barca is pushing for the loan agreement to include a Chelsea buyout requirement at the end of next season.
Coutinho’s irregular performances at Bayern did not convince Lampard to commit to a permanent agreement, but he hopes to help the player get back into shape.
The Blues, however, have set aside about £ 30 million to finance the lending move, which would include making Coutinho one of the club’s highest earners.
Chelsea would prefer that the agreement include a purchase option, as opposed to a bond; even if it means paying a higher fee if they decide to sign it in 2021.
A trip to Stamford Bridge could also suit Coutinho, who prefers to return to England if there is no future for him in Barcelona.
Key to the talks is Coutinho’s agent Kia Joorabchian, who has strong ties to Chelsea.
Mirror the best football stories
But despite Leicester’s withdrawal from the race, Chelsea aren’t the only club willing to lend it.
Man Utd and Everton have both expressed interest, but Coutinho prefers not to sign for a direct rival to the former Liverpool club.
Tottenham also remains interested after the collapse of negotiations last summer, while the French club PSG is ready to associate Coutinho with a possible exchange of Neymar.