Coutinho left for Barcelona in 2018 for £142m and the Reds have some of the money left to spend with pundit Noel Whelan believing that Maddison is the ideal choice.
The Foxes playmaker has made a superb start to the Premier League and he is being linked with a move away amid interest from Manchester United.
Whelan, who made his name at Leeds United, thinks that Maddison would be the sort of Jurgen Klopp should be bringing to Anfield.
"James Maddison is absolutely a Liverpool type of player, I can see him joining,” Whelan told Football Insider.