Bordeaux boss Jocelyn Gourvennec has suggested that Malcom should not say no if Liverpool come calling.
Reports have claimed that the Gunners are hopeful of sealing a £45m deal for the 20-year-old forward, but now Gourvennec has seemingly opened the door to the Reds.
"If Liverpool want you to work for them tomorrow, you'd go," the Liverpool Echo quotes the Bordeaux boss as saying.
"I'm a coach, I'd like to be able to count on Malcom, Malcom has to help us. There is one person who decides in this, that's the majority shareholder. He talked about this at the weekend, but football remains football."
Malcom has scored seven goals and created five assists in 19 Ligue 1 appearances this season.