The Reds are said to have dismissed the improved offer from the Catalan giants, who have money to burn after selling Neymar to Paris Saint-Germain for world-record figure last week.
Barca had already had a £72million offer for the Brazilian turned down, with Reds boss Jurgen Klopp going on record to say his prize asset is not for sale.
Rumours of a possible move to Barcelona were heightened last week when Coutinho was left out of the Reds' squad for a pre-season trip to Bilbao. But Jurgen Klopp stressed the midfielder was merely suffering from a minor back injury which is also expected to rule him out of Saturday's Premier League opener at Watford.
Klopp remained tight-lipped over Coutinho's future earlier on Wednesday, saying only that his squad was "in a good shape" ahead of the new season, and it now remains to be seen if Barca will make a third offer for the player.