Malcom has reportedly told Barcelona that he wants to leave the club this summer in search of more regular first-team football.
The 22-year-old only joined Barcelona last year after the Spanish champions hijacked Roma's deal for the winger at the eleventh hour, but he found himself behind the likes of Ousmane Dembele and Philippe Coutinho at Camp Nou.
Malcom made just six La Liga starts throughout his debut season at the club and is likely to see his chances of regular first-team football further harmed by Antoine Griezmann's arrival in Catalunya.
With Neymar also heavily linked with a return to Barcelona, Catalunya Radio reports that Malcom has now instructed his agent to find a new club that can promise him more game time.
Barca have put an asking price of £54m on Malcom, but manager Ernesto Valverde could sanction a loan exit for the Brazilian, which would be of interest to reported suitors Arsenal considering their limited transfer budget.
Arsenal's Premier League rivals Everton are also thought to be in the running for Malcom, with Marco Silva keen to add a left-footed forward to his squad.