The Brazilian has two-years remaining on his current deal, but the Reds are eager to reward Firmino for his - often unselfish - contribution to the team which has seen him become a key pillar in Jurgen Klopp's system.
The Merseysiders have already agreed a deal (last summer) to sign Naby Keita for next season but recent reports have suggested that the British giants want to seal the signing of the African star this month.
You're at a big club like Liverpool, another big player will come in the future.
Coutinho has been a fan favourite throughout his time at the Merseyside club and for the fans, he has meant more than just a jersey or a tattoo.
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Liverpool are planning to offer Roberto Firmino a new lifetime contract.
The man who remains at Liverpool took to social media to express his sadness at no longer being able to work with Coutinho.
"When Phil wasn't in the team we still played great football and we have still incredible players who can score goals - the likes of Mo [Salah], Sadio, Roberto". The Guinean worldwide registered eight goals and seven assists, helping his side to an impressive second place finish in their first season as a top flight team.
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"Since the moment I arrived in Liverpool, me and my family have been made to feel so welcome and have made so many friends", Coutinho wrote.
The 25-year-old Coutinho missed both of Liverpool's games last week because of the injury which coincided with the transfer being finalized quickly at the start of the January transfer window. "I'm convinced he won't waste that chance".
"But he isn't creative enough if you want to challenge for the title and the Champions League".
"What I would say is he's obviously very athletic, got a lot of qualities - a bit like Jordan Henderson has".
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It means a lot in terms of how complicated it is to play there. "The records are there to be broken". In the Champions League , City had the relative pleasure of drawing FC Basel for the round of 16.