Spanish media outlet Sport, as quoted by the Daily Mirror, is reporting that the Gunners are keeping tabs on the out-of-favour Brazilian at the Spanish champions this summer.
The same article states that Arsenal will find it harder to sign Malcom after French club Saint-Etienne entered the race for the 22-year-old forward.
According to the same story, FC Barcelona are more likely to allow Malcom to leave on loan rather than immediately sell the winger.
The Spanish media outlet say that Arsenal have already offered to take Malcom on loan for the duration of the 2019-20 Premier League season.
The report goes on to add that Arsenal and Saint-Etienne can expect further competition from Serie A as well as Paris Saint-Germain.
Arsenal have only managed to get one summer deal over the line so far this summer despite Unai Emery being linked with a host of different players.
The Gunners confirmed the acquisition of Gabriel Martinelli in a cut-price deal from Brazilian club Ituano last week.
The north London side finished in fifth place in the Premier League last term before the Gunners lost 4-1 to Chelsea FC in the Europa League final in May.
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