Barcelona have stepped up their interest in signing Coutinho from Liverpool in the past week.
A bid of £90m was rejected by Liverpool on Wednesday and a statement from the club owners, Fenway Sports Group, confirmed they will not be letting the player leave this summer.
However, that was swiftly followed by news Coutinho had handed in a transfer request to push through a move to the La Liga giants.
With little over two weeks left of the transfer window Liverpool would be hard-pushed to find a replacement.
But former Red Collymore believes Liverpool hold all the advantage against Barcelona over a player he claims was worth just £65m back in January.
"It is much easier to sort out a move when a player throws his toys out of the pram and kicks off," Collymore wrote in his Sunday People column.
"But I still think it is now a win-win for Liverpool - they either keep him or sell him for big money.
"And if they can squeeze between £105million and £120m out of Barcelona, they should snap their hands off.
"The Brazilian was arguably a £65m player six months ago and has done nothing in my eyes to warrant the extra £30m-odd Barca are already offering."
Jurgen Klopp claimed after Liverpool's 3-3 draw with Watford on Saturday Coutinho's future is out of his hands.
“As a manager of a football club, I have bosses that decide, for example, just in general, if we sell a player or we don't sell him,” he said. “Then I have to accept it.
“If they don't sell him, then I am not involved any more. I'm responsible for all of our players, not just one or two or three, but all of them.