Everton have reportedly launched a £40m bid in an attempt to hijack Malcom's proposed move to Zenit St Petersburg from Barcelona this summer.
Malcom was signed for £41m last year but has lost the faith of manager Ernesto Valverde, who only gave the Brazilian six La Liga appearances over the 2018-19 campaign.
The arrival of Antoine Griezmann this summer has pushed Malcom even further down the pecking order and prompted the forward to seek playing time elsewhere.
According to the Daily Mail, while Zenit appear favourites to sign Malcom, Barcelona are willing to negotiate with the Toffees, who are offering £40m for the 22-year-old.
Zenit's sporting director Javier Ribalta, who hails from Barcelona, is reportedly working on a deal comprised of a £35m down payment and £5m in add-ons for Malcom.