Arsenal have scheduled a meeting with Bordeaux to discuss a potential deal for Brazilian forward Malcom, according to Sky.
The 20-year-old, who is also wanted by arch-rivals Tottenham this month, has emerged as an option to potentially replace Alexis Sanchez should he leave for Manchester City either this month, or in the summer.
French club Bordeaux are believed to value Malcom at over £40m, and he is also reportedly of interest to Bayern Munich and Manchester United.
Malcom posted on social media last week that he was learning English, suggesting he was preparing himself for a move across the channel.
He is a left-footed attacker who can play anywhere behind a centre-forward and could be a replacement for Sanchez, whose future at Arsenal remains shrouded in doubt.