The La Liga giants made Coutinho their No1 target in the summer transfer window and sent three bids to Liverpool.
The Merseyside club rejected all offers and issued a statement that Coutinho was not for sale at any price, despite the player handing in a transfer request.
But rumours have continued to speculate about Barcelona making a fresh approach for Coutinho in the New Year.
Liverpool would likely reject any attempts to sign Coutinho once again unless they were able to bring in a capable replacement, which would be tough midway through the season.
And La Liga expert Balague believes Liverpool have not changed their stance that the Brazilian is not for sale.
“I never thought Coutinho’s move was on,” Balague told Sky Sports podcast ‘Transfer talk’.
“I’ve been reporting from last summer that Liverpool have not put a price for him. They did not want to sell and exactly the same thing is happening now.
“We’ll see what happens next summer but that’s where we stand now.
“Barcelona are very pessimistic about the possibility of getting Coutinho.
“Of course they may try to put in an offer but it starts to sound a lot to me like Barcelona are trying to… they ‘leaked’ that Liverpool are asking for €150m and they haven’t, but by saying that the next thing you can say is ‘look, for that money we cannot and shouldn’t have him’.
“If he goes to Barcelona, he could not play in the Champions League. The league at the moment is quite clearly in favour of Barcelona, so you would be signing him to win the cup.
“More than that, I think financially Barcelona can go for Coutinho and Griezmann and if they feel they can get Griezmann that will be their top priority.”