The Brazil Under-23 international has emerged as a hot property in the January transfer window despite his lack of top level football.
Malcom has established himself as a key player in a struggling Bordeaux side following a return of seven goals in 17 games in Ligue 1.
The South American has been touted as a possible replacement for Arsenal contract rebel Alexis Sanchez over the past week or so.
The Gunners are facing a battle to keep Sanchez at the north London club with less than six months on his current deal.
However, Manchester United and Tottenham Hotspur have also been linked with a potential move to sign the Brazilian starlet.
Sky Sports News reporter Solhekol confirmed that Arsenal want Malcom but might have to cough up a transfer fee around £40m.
“Arsenal are not going to let Alexis Sanchez leave without signing a replacement. One player they’ve been linked with is Malcom. He’s a 20-year-old Brazilian forward who plays for Bordeaux in France, and he’s valued at more than £40m. He’s been watched by Spurs, Bayern Munich and Manchester United,” Solhekol told Sky Sports News.
Manchester United signed Romelu Lukaku in a £75m deal from Premier League rivals Everton in the summer transfer window.
Arsenal, on the other hand, smashed their club record to sign Alexandre Lacazette in a £52m deal from Lyon.
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