Arsenal would be a better option for Malcom this summer, despite strong interest from Tottenham.
Spurs have entered the race to sign the Brazilian this summer, according to Sport.
The 22-year-old is currently at Barcelona, but regular football has been hard to come by this season.
Malcom has managed just 15 appearances in La Liga and Barca are thought to be willing to let him leave.
Spurs are now reportedly in the “strongest position” to acquire his services, as Arsenal look set to lock horns with their biggest rivals.
Both sides are in need of attacking reinforcements, but a move for Malcom, or a player of his ilk, feels like more of a necessity for the Gunners.
While Spurs possess pace and trickery out wide with the likes of Son Heung-min and Lucas Moura, Arsenal only have it centrally thanks to the electric Pierre-Emerick Aubameyang.
Mesut Ozil and Henrikh Mkhitaryan are both excellent technical footballers, but they lack the speed to hurt opponents on the counter-attack.
Bringing in Malcom would help add another dimension to Arsenal’s attacking play and he would also represent the future, rather than just a short-term fix.
Gallery: 5 alternative wide options for Arsenal
Pepe is being linked with various top clubs, following a superb season at Lille.
Arsenal are one of those being linked with the Ivory Coast international, but they may need Champions League football to remain in the hunt.
Fraser has excelled at Bournemouth this season, with some tipping him for a big move in the summer.
Although unproven at a top club, the speedy Scot would be an interesting signing by Arsenal.
Part of an exciting Ajax team that captured hearts across Europe, Neres has huge potential.
Arsenal could be a logical next step in his career, with a summer exit likely.
Bergwijn is one of the Eredivisie’s most talented young players, but his days at PSV Eindhoven could be coming to an end.
The 21-year-old Dutchman has pace, quick feet and end product – exactly what Arsenal need out wide.
After being linked with various top clubs last summer, Bailey has had a below par season with Bayer Leverkusen.
His potential is still undeniable, however, and Arsenal could swoop in while his stock has fallen a little.