Coutinho is being closely linked with a move to La Liga, however, it appears any deal is likely to depend on the future of fellow Brazil international, Neymar.
Neymar is currently being courted by Ligue 1 giants PSG, who are willing to pay £198 million to secure his services.
And with the 25-year-old appearing Paris-bound, Liverpool have reacted by reportedly sticking a £134 million price tag on Coutinho’s head.
However, Murphy believes Jurgen Klopp will be able to replace Coutinho for £30 million less, believing a duo of Sadio Mane and Mohamed Salah will only miss a “little” creativity.
Speaking on TalkSport, Murphy said: “There comes a point where if a player expresses a desire to go, there is sense in getting as much money as you can for him.
“If they’re talking about £199m for Neymar, you can’t put Coutinho in Neymar’s league at the moment.
“He’s not worth £150m, could they get £100m for him? Maybe.”
Murphy added, “I think with Salah and Mane in the wide positions they would be more dynamic.
“They’d lose a bit of creativity that Coutinho brings, but there are players out there you could get for less money who might give you just as much output.
“We’re hypothesising, but the goals and assists those players get might double or treble what Coutinho was bringing in, and you’ve also not got a player sat there unhappy.”
What do you think, Liverpool fans?
Would you bite Barcelona’s hand off if they offer anywhere close to £100 million for Coutinho?
Or is Murphy undervaluing the player who so often last season made your team tick?