Barcelona are close to a deal to sell Arsenal-linked winger Malcom to Zenit Saint Petersburg, according to reports in Spain.
With Arsenal looking like they've agreed an €80m deal for Nicolas Pepe, that leaves the path clear for Everton if they still want to sign Malcom from Barcelona.
According to Don Balon, Arsenal could withdraw their offer for Lucas Vazquez to move for Malcom instead.
Malcom's agent has informed FC Barcelona that his client wants to leave in search of minutes, and they've requested a transfer.
David Ornstein has suggested it wouldn't be a shock to see Arsenal go back in for Malcom this summer, after links to the player in the past.
The transfer of Malcom to Arsenal is 'possible' this summer, according to Kike Marin, but it would only be a loan move as reports emerge Everton have offered €35m to sign him.
With Arsenal and Crystal Palace still a long way apart in their respective valuations of Wilfried Zaha, let's have a look at the five alternatives linked with a move.
Arsenal have been offered the chance to sign Malcom from FC Barcelona, and there's interest in a deal from the Gunners' end as well.
Arsenal are returning for Barcelona winger Malcom, opening talks for his signature this summer, according to reports.
Arsenal have reportedly offered Barcelona €30m for Malcom, a player they bought last summer for €40m and now want €50m for even though they don't think he's good enough.
Arsenal are reportedly interested, once again, in Malcom.
FC Barcelona are planning to sell 22-year-old winger Malcom to the Premier League, despite interest from Borussia Dortmund, according to reports in Spain.
According to a report from Italy where AC Milan are interested in signing Malcom from Barcelona, Tottenham Hotspur are in pole position to land him while Arsenal are still reportedly interested.
Barcelona winger Malcom wants to leave the club this summer, and the La Liga side have put a £39m price tag on him amid interest from Arsenal and Tottenham Hotspur.
Barcelona want €70m (£59.9m) to let Malcom leave this summer, despite signing him for just £36.9m last summer, according to reports in Spain.
Arsenal look set for a busy summer, but who will they bring in?
Arsenal's move to sign Malcom on loan from Barcelona until the end of the season fell through because of an excessive loan fee, according to a report.
Arsenal's move to sign Malcom on loan from Barcelona until the end of the season fell through over an excessive loan fee, according to a report.
Arsenal have reportedly made contact with FC Barcelona over the loan signing of 21-year-old winger Malcom, according to Alan Nixon.
Arsenal are reportedly interested in messing up Spurs move for Malcom, a player they were heavily linked with before he moved to Barcelona.
It's no secret that Arsenal haven't quite got their wide positions nailed down this season so far, so who could they sign to give the squad a boost?
Malcom insists that his objectives are still to make his 'dreams come true' with Barcelona, after reports of a transfer request in recent days.
Malcom has spoken to Ernesto Valverde and asked to leave FC Barcelona in January, if his current situation doesn't change, according to reports.
Barcelona chief executive Oscar Grau reportedly believes that Malcom will be sold, as it appears the Brazilian has failed to win over manager Ernesto Valverde.
Arsenal have expressed an interest in signing Barcelona forward Malcom on loan in January, but Tottenham Hotspur are looking to hijack the deal with a €50m (£44m) bid.
Everton are in advanced talks to sign Arsenal-linked Malcom from Bordeaux, according to reports.
Liverpool have been sending scouts to watch Bordeaux forward Malcom in recent weeks, as Jurgen Klopp looks to add to his attacking options.
Nicolas de Tavernost, president of the M6 group which owns FC Girondins de Bordeaux, says the club will let Malcom leave this summer.
Bordeaux star and Arsenal target Malcom wants to move to a big club, so he can win the Champions League and play in the Brazilian national team.
Bayern Munich manager Jupp Heynckes has denied his club's interest in Bordeaux winger Malcom giving Arsenal a boost if they are still interested in signing him.
Bordeaux forward Malcom admits playing for Arsenal, Tottenham or Bayern is his dream, but seeing people post edited pictures of him in their shirts makes him laugh.
Bayern Munich have reportedly 'moved ahead' of Arsenal and Tottenham in the race to sign Bordeaux winger Malcom this summer.
Bordeaux boss Gus Poyet has confirmed that Malcom will be leaving the Ligue 1 club 'sooner or later' after they almost lost him in January.
Malcom claims that Bordeaux have promised him a move in June.
Bordeaux winger Malcom has admitted he wanted to leave the club in January, but promised he would stay until the end of the season.
Arsenal have been dealt a blow as Malcom will remain with Bordeaux this transfer window, says the Ligue 1 club's president Stephane Martin.
Mauricio Pochettino reportedly made Bordeaux winger Malcom an offer he couldn't refuse in order to convince the 20-year-old to come to Tottenham over Arsenal.
Bordeaux have assured new manager Gus Poyet that Malcom will be staying at the club for the rest of the season.
Bordeaux president Stephane Moulin says if any coach ever wanted Malcom to leave the club, they'd have to take them to a psychiatrist.
Mauricio Pochettino says links between Tottenham Hotspur and Brazilian winger Malcom are just rumours, and he's happy with his current squad.
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