Malcom is one of the best young attacking players in Europe and has been linked with a move to Tottenham this month.
Sky Sports have reported that French club Bordeaux value Malcom at over £40 million.
Well-known Spanish football journalist Balague, who works for Sky Sports, has claimed that Arsenal are interested in Malcom.
Balague has also suggested that the Brazilian would be a good signing for Tottenham in the January transfer window.
Balague told Sky Sports when asked about Malcom: “I know for a fact that Malcolm is of interest to Arsenal, but it is not all agreed.
“Spurs are not in the equation, it had been heard that they were linked to him, and what a signing he will be.
“He is a left-footed player who plays on the right-hand side with a lot of pace, he is very direct, a very good dribbler and very, very fast so we’ll see.”