North London rivals Arsenal and Tottenham Hotspur are both reportedly considering a January move for Barcelona winger Malcom.
Malcom only joined the Spanish champions this summer, signing a late deal with the club having previously looked set to sign for Serie A side Roma.
However, the 21-year-old has struggled to work his way into the first team at Camp Nou so far, making just two La Liga appearances in the opening months of the season.
Reports earlier this week suggested that Malcom is already considering an exit in search of more regular first-team football, and Spanish outlet Sport reports that both Spurs and Arsenal are interested in his signature.
Any deal would only be a loan until the end of the season, though, while the Premier League pair are likely to face stiff competition from a number of other clubs.
Malcom enjoyed a breakthrough season at Bordeaux last term, when he scored 12 goals in 38 appearances across all competitions.