Arsenal were initially thought to be on the verge of signing the Bordeaux man this month, but a deal is now thought to be becoming problematic.
The Ligue 1 side have decided that they want to keep hold of the Brazilian attacker, and Arsenal may miss out.
That could give Spurs another chance to land Malcom in the summer.
However, Spurs may increase their spending in the summer, once the new stadium is fully built.
If Tottenham can break into the Champions League again, while Arsenal miss out, they will surely be in an advantageous positions should the two sides compete again for Malcom in six months’ time.
And there may now still be hope for Spurs in the race to sign Malcom, just as it appeared they had lost out.