Malcom has become one of the most in-demand young talents on the continent over the past two years, inspiring interest from the likes of Manchester United, Paris Saint-Germain, and Tottenham.
It would be a pricey signing for a player who is still relatively unproven at the top level; Malcom only turned 21-years-old in February and is yet to be tested under the pressure of a club aiming for trophies.
But Malcom would instantly give Jurgen Klopp something that they've been missing since Coutinho left: creativity from out wide and unpredictability.
That's not to say that Sadio Mane and Mo Salah don't offer a little of that themselves but they're undoubtedly goalscorers, directly looking towards goal and in behind - a little in contrast to Malcom who is happier mixing things up.
Malcom is certainly more comfortable and direct out wide than Coutinho was as a natural wide player and could end up filling that role better than his compatriot was able to, giving Liverpool that extra magic from the wing to compliment the pace and energy of Salah and Mane.
The Brazilian would shake up the squad more than a move for Christian Pulisic would, even if the American is a more proven player, as while Pulisic adds something very similar to what's there, Malcom simply mixes things up a bit with a new style of play.
In the end, it will depend on what Klopp wants from his squad; does the Liverpool boss want to double down on a system that has worked excellently this season or does he feel it's time to mix it up?
We'll find out shortly.