Andy Townsend says Liverpool should sign Diego Costa and Virgil van Dijk (right)
Liverpool have so far rejected two bids from Barcelona for Coutinho.
The player has handed in a transfer request but the Reds are determined to keep him.
Barca are expected to bid over £100m for the Brazilian, who is not with the Liverpool side as they prepare to face Hoffenheim in a Champions League qualifying clash tomorrow.
And former Ireland international Townsend believes Liverpool should take the money on offer.
“If Adam Lallana was fit, if he wasn’t out for a couple of months that would have made (the Coutinho sale) slightly more palatable for Jurgen Klopp to consider,” Townsend told 5Live.
“If they sold Coutinho for £120million, go and buy Diego Costa for £45m or £50m and Virgil van Dijk for £50m.
“And I tell you what, they’ll be a lot closer to winning the league than with Philippe Coutinho. That’s logic.”
Costa is available, with Chelsea keen to sell the striker after signing Alvaro Morata as his replacement.
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Philippe Coutinho has handed in a transfer request
Klopp: Nothing has changed with regards to Coutinho
Costa wants to join Atletico Madrid but that move is complicated by the La Liga side’s transfer embargo.
As for Van Dijk, he has handed in a transfer request at Southampton but the Reds are yet to meet their £50m valuation of the Dutch centre-back.
Discussing the likely transfer fee for Coutinho, Townsend added: “I guarantee they will be trying to spend that money now. Liverpool’s recruitment department will be trying to spend that money right now.”
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