Coutinho played a starring role for Liverpool before leaving for Barcelona in a £130million deal in January 2018.
The Brazilian failed to nail down a starting spot at Barca, leading to his loan move to the Bundesliga in 2019.
Bayern will not be taking up a purchase option, but a number of teams in the Premier League are said to be keen on taking the former Liverpool playmaker back to England, with Chelsea believed to be at the front of the queue.
Coutinho made 32 appearances in all competitions for Bayern this season, scoring nine goals and putting up eight assists. He is currently recovering from ankle surgery.
As of May 23, 2020.