Sanchez has been strongly linked with a move to Manchester City, but Coutinho’s impending departure could pave the way for the Reds to rival them for his signature.
The Brazilian has been in excellent form this season, forging a thrilling attacking foursome alongside Sadio Mane, Roberto Firmino and Mohamed Salah, but rumours of a possible move to Barca have refused to go away.
“I would look at Sanchez from Arsenal as there may be a bit of movement there,” he said.
“£160 million is a lot of money. You can buy a lot for that. Liverpool won’t want to lose Coutinho’s quality.
“Sanchez will be ambitious and he’s that type of player that could replace Coutinho.”
With City losing Gabriel Jesus to injury it seems likely they will pursue Sanchez during the January transfer window, but Liverpool could emerge as serious contenders for his signature.
Arsenal have been linked with a move for Paris Saint-Germain winger Goncalo Guedes as a replacement for Sanchez and they could decide to cash in on the Chilean star now rather than lose him for free at the end of the season.