Arsenal are reportedly keen to snap up Malcom after learning that Barcelona are willing to loan out the attacking midfielder.
Barca won the race to sign the uncapped Brazil international from Bordeaux last summer, splashing out £36.5m to see off competition from the likes of Roma, Tottenham Hotspur and Chelsea.
Malcom's move to Camp Nou has not gone to plan, though, having started just one La Liga and Champions League match combined in his first six months at the club.
According to The Sun, Barca boss Ernesto Valverde still rates the 21-year-old highly and is not looking to sell him this month, though a short-term exit may be a possibility.
The report suggests that Arsenal have asked the Spanish champions about the possibility of taking Malcom during their ongoing talks about a similar deal for Denis Suarez.
AC Milan have also supposedly enquired about signing the Brazilian attacker, as well as fellow outcast Suarez, and Barca intend to make a decision in the next couple of days.
