The Brazilian scored a hat-trick as the Red thrashed Spartak Moscow 7-0 in the Champions League last night.
But his future in Anfield has been in doubt ever since the La Liga giants tabled an offer in the summer.
Coutinho’s head was turned at the time and he even handed in a transfer request to try and force through the move.
Since the summer window slammed shut, the 25-year-old has remained focussed on the Reds, netting nine goals this campaign.
But with the winter window creeping up there is a strong suggestion Barcelona will reignite their interest.
“First and foremost, Coutinho is an outstanding footballer,“ Bellamy told Sky Sports’ The Debate Show.
“But look there was the speculation with Barcelona.
“Is he going to be interested in a move to Barcelona? Of course he is.
“Every player in football is gonna be interested in that move.
“But it didn’t happen, Liverpool owners made it firmly clear it wasn’t going to happen.
“He was injured during pre season as well.
“And what I see when Coutinho is injured, it takes a good few games for him to get back.”
Liverpool return to Premier League action with a Merseyside derby clash with Everton on Sunday (2.15pm).
And Bellamy is backing Coutinho to carry his current form into the showdown.
“Going into the derby Sunday, he’s in form,” Bellamy added.
“Liverpool are exceptional going forward at is is, but with Coutinho in behind they are very dangerous.”