Reports emanating from Italy claim Inter have rejected Villa's offer for the Brazilian as Paul Lambert looks to bolster his squad in this month's transfer window.
Southampton have been credited with an interest in Coutinho, who has fallen down the pecking order at Inter and spent last season on loan at Espanyol.
Coutinho's agent, Cacau Barbosa, has confirmed Villa have made an approach for the 20-year-old, but nothing has been agreed for a possible move to Villa Park.
"I can confirm Aston Villa made an enquiry for Coutinho," Barbosa told FC Inter News.
"They want him, but with all due respect for the proposal made to Philippe, at this moment there is still nothing concrete to suggest an exit from Inter."