Arsenal had a €42m bid rejected during the January transfer window for Bordeaux forward Malcom.
The Ligue 1 club are believed to be demanding a fee of €50m plus €10m in bonuses if they are to sell, but Bild (via 101 Great Goals) report that the Gunners tried to make a lower offer in January
The 20-year-old has been a standout performer for Bordeaux this season, scoring eight goals and providing six assists in 25 appearances.
Malcom has also been linked with a move to Tottenham and are expected to face a battle with north London rivals Arsenal to secure his signature.
They are not the only interested parties, however. Bild claim that Bayern Munich are monitoring the Brazilian's availability with Arjen Robben and Franck Ribery approaching the end of their careers. Malcom admitted following the close of the January window that he intended to leave Bordeaux.
"I already said that I would have liked to leave this winter to meet new challenges," he said.
"But I must also remember that Bordeaux helped me a lot. I gave my word to Bordeaux that I will continue [with the club] to be able to have more time to choose my future club.
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"These next three or four months will make a big difference. Yes, Bordeaux promised me that I will have a good release in June. I will choose my next club and Bordeaux will let me go."