The Reds sold the Brazilian midfielder to the La Liga champions in January 2018 in a deal worth up to £142 million, but Coutinho was offloaded to Bayern Munich on loan last summer.
After joining Liverpool in January 2013, Coutinho scored 41 goals and made 35 assists in the Premier League, and McManaman thinks the 27-year old would thrive again if he was to return.
“If there’s space available then I’d certainly like Coutinho back, as he was a wonderful player for Liverpool. He’s that type of player that when plan A isn’t working he can change the game,” McManaman told HorseRacing.net.
“He scored some incredible goals for Liverpool and though he’d have to win the fans over after he asked to leave, I think that most fans would recognise how good he was for Liverpool.”
In 2018, Coutinho claimed he wanted to leave Merseyside to follow his dream of playing for Barcelona, however he has only managed 13 goals in 52 appearances for the Catalan side.
Before the start of their 2017/2018 campaign, the Reds signed RB Leipzig midfielder Naby Keita for around £53 million to play in the following season, and theoretically fill the role vacated by Coutinho.
However, Keita has not cemented a first team slot in his injury-plagued career on Merseyside so far, and has only managed three goals and two assists in 32 Premier League appearances.
This season, Brazilian international Coutinho has scored six goals in the Bundesliga for German champions Bayern Munich, and BT Sport pundit McManaman feels there could be a spot in Klopp’s side for him.
He said: “He’s a brilliant player but a lot of it is just down to economics. If they can bring Coutinho back for a reasonable fee and potentially sell a couple of players who aren’t playing regularly, then that could work.
“There are rumours that Xherdan Shaqiri may leave at the end of the season, and Adam Lallana may want to play more often. If there’s space available then I’d certainly like Coutinho back.”
In the last summer transfer window, Liverpool offloaded a number of players including former first-team regulars including Daniel Sturridge and Simon Mignolet.
Having won the Uefa Champions League and finishing second behind Manchester City with 97 points last season, Klopp only brought in Sepp van den Berg, Harvey Elliott and deputy keeper Adrian. So it stands to reason that this summer, there could be a few more prominent arrivals at Anfield.