Unai Emery's Arsenal have made a last ditch bid for Malcom, who looked set to join Premier League rivals Everton.
And in the face of this fresh interest, Everton are looking to accelerate their own plans to sign Malcom in a €35m deal. According to 'The Sun', Arsenal view the Brazilian as an alternative target should they fail to sign Zaha from Crystal Palace.
According to the same source, Arsenal have told Malcom not to make a decision on his future yet.
There's interest in Malcom from France too with Saint Etienne wanting the winger on loan. This doesn't really appeal to the club as they are looking to raise funds to sign both Griezmann and Neymar this summer. Malcom could even be used to lower the asking price for Neymar.
Ernesto Valverde wants his squad finalised as soon as possible and for this reason it seems more likely that Malcom will move in his own deal as opposed to being involved in a potential swap.