Bony's agent has claimed interest in his player from Liverpool and Chelsea but it is Newcastle who have made the move. West Ham United are also interested but want to wait until the summer in order to lower the price tag.
In addition to signing Coutinho, Liverpool are one of a number of clubs who may bid for Birmingham City's England goalkeeper Jack Butland this week.
Birmingham's financial problems are likely to force them to sell Butland for a smaller fee than they would otherwise expect.
Meanwhile, West Bromwich Albion striker Peter Odemwingie is facing a fine of two weeks' wages after posting a bizarre series of messages on Twitter expressing his frustration at being at his current club, apparently in an attempt to force through a move to Queens Park Rangers .
The final week of the January buying window is expected to see the usual flood of late loan deals but Premier League clubs are not expecting any individual signings more valuable than Bony or Coutinho.
It is believed that Tottenham Hotspur will not make a bid for midfielder Mohamed Diame.
Reports last week suggested Spurs would activate the £3.5m release clause in Diame's West Ham contract but this is no longer believed to be the case, leaving Arsenal as the Senegalese's most likely bidder before the transfer window closes.
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