Arsenal have reportedly listed a meeting with Bordeaux to consider a move for Malcom, who remains to be linked with a move to the Emirates Stadium.
On Sunday, it was suggested that negotiations between Arsenal and Bordeaux were “progressing well” as the Gunners look to beat many teams to the services of the 20-year-old.
As reported by the Sky Sports Italia, Arsenal will meet with the French side to thrash out a move for a player that has also been linked with Tottenham Hotspur, Bayern Munich and Manchester United.
The South American, who joined Bordeaux from Corinthians in January 2016, has netted seven times and made four assists in 18 Ligue 1 appearances during the 2017-18 season.
Bordeaux are understood to rate left-footed forward Malcom in the region of £40m.
Meanwhile, Manchester United and Arsenal are reportedly leading the hunt to land Brazil star Fred – with Shakhtar Donetsk set to listen to offers.
Performing over 140 matches since signing from Sports Club Internacional in 2013, Fred has become a key footballer for Donetsk over the past four seasons but is being heavily linked with a January move.
Having originally been reluctant to offload the 24-year-old, Donetsk are now open to offers, prompting interest from many European sides.
The likes of Inter Milan, Atletico Madrid and Paris Saint-Germain have been linked with moves however the Daily Star say Premier League rivals Man United and Arsenal are favourites to secure his services.
Jose Mourinho and Arsene Wenger are both keen to reinforce their options during the January transfer window and Fred, who is contracted to Donetsk until 2021 and valued at £30million, has been identified as a prime target.
English top-league leaders Manchester City have also expressed interest in Fred, however United and Arsenal are believed to be at the front of the race.
Arsenal are also believed to be interested in out-of-favour Chelsea defender David Luiz.