With a deal to 2026 at Villa, Coutinho has spent this season on-loan in Qatar with Al Duhail.
The Brazil international is now facing a return to a Villa Park, but is not in the plans of manager Unai Emery.
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Instead a new move will be organised, with Vasco in contact. It remains to be seen whether Vasco will pursue a permanent deal or a loan.
Interestingly, there is talk of V-Sports, Villa's parent company, being in talks about buying into Vasco.