The 24-year-old Brazilian was a target for the La Liga champions, but has now pledged his future to the Reds, with a contract that makes him the club’s highest earner at £150,000 per week.
Coutinho told Daily Mail he had no second thoughts, as soon as he was offered fresh terms.
“No need to wait. I know. I live this every day, I can smell it. I see the ambition of the club, my teammates, the manager. I am living it, seeing it. Wait to sign? No. No. Now is the right time,” he said.
“I understand what Liverpool means. We can say [Kenny] Dalglish, [Ian] Rush, [Alan] Hansen, [Graeme] Souness, [Luis] Suarez, [Steven] Gerrard. I’ve been here quite a few years already, it’s not like I am new. I understand.
“To have signed a new contract at this club, my goal is to be thought of one day in the same way as these players. They are legends. You define the success of a player by his loyalty or his titles. Or both. In order to be part of this group, I have so much to do.
“I want to win titles. Five years is my new contract … it gives me that opportunity.”
Coutinho has said he was not keen on the big money on offer in the Chinese Super League.
“China, no. I am not interested. I don’t think about that, not for one moment. My football is here. My heart is here. I don’t think about any other club. Not at all,” he said.
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