The MLS side are expected to open talks with the 33-year-old's representatives in the coming days. Coutinho left Vasco amid growing pressure from supporters, bringing an end to his latest spell in Brazil.
His availability on a free transfer has alerted several clubs, with Galaxy now positioning themselves to explore a deal.
The American club are actively seeking midfield reinforcements as they continue without Riqui Puig, who is sidelined with a torn ACL and not expected to return until 2027. His long-term absence has created a significant creative gap in the squad.
Galaxy believe his experience and playmaking ability could provide an immediate boost as they aim to remain competitive in the Western Conference, particularly in a league that continues to attract high-profile international talent.