The Reds hierarchy has already contacted the French club to resume the negotiations which broke down during last summer when the price went beyond the £72m Liverpool were prepared to pay.
With Barcelona likely to pay in the region of £130m for Coutinho, Monaco will play hardball with the Premier League club. Negotiations will surely start at the £92m they were due to receive from Arsenal had Lemar moved to the Emirates Stadium on the last day of the transfer window.
That deal collapsed and Liverpool are ready to see the transfer through to a conclusion that Arsenal could not reach.
22-year-old Lemar has missed a number of games this season due to injury but returned to the side in December and was instantly at his best.
While Arsenal still hold an interest in signing him, there are fears that the fee will quickly be out of their reach especially if Liverpool are able to construct Coutinho’s fee in the way they wish, with only a small balance – no more than £10m – being left as bonus payments.