Bordeaux president Stephan Martin has insisted that no promises were made to Malcom allowing him to leave the club in the summer, contrary to reports in Brazil.
The Brazilian forward was strongly linked with both Arsenal and Tottenham in the January transfer window, but a move did not materialise despite the player reportedly being keen on joining an English club.
Malcom recently told UOL Esporte in his native Brazil that Bordeaux had guaranteed him a summer transfer, and is quoted as saying: "yes, there was a promise that I will be negotiating in June. I will choose the team, and Bordeaux will let me go."
But Bordeaux's club president has now denied the claim as this transfer story threatens to become a saga which could rage on until the summer.
"We did not not promise anything," said Martin, according to Tribal Football.
"We will review his case this summer, for sure. He made no secret of his desire to leave. We'll talk about it again this summer."
The 20-year-old winger joined Bordeaux from Corinthians in January 2016 and has established himself as a key player at the Matmut Atlantique. He has scored eight goals and created six in Ligue 1 this season.
Last week it was reported by Le10 Sport that Tottenham had made a bid for Malcom in the region of €50m (£44.4m), but Bordeaux are holding out for €60m (£53.3m).
Bordeaux are currently 7th in Ligue 1, but their points tally is closer to the relegation zone than it is to the Champions League places. They travel to Marseille this evening.