Arsenal will reportedly revisit their interest in Malcom in the summer after failed attempts to land him in January.
The winger was linked to a move to North London last month but Bordeaux boss Gus Poyet dashed any hopes of a blockbuster move.
The Gunners sealed the record-breaking signing of Pierre-Emerick Aubameyang on deadline day.
He became the third signing at the Emirates following the arrival of Konstantinos Mavrapanos and Henrikh Mkhitaryan.
But with Raul Sanllehi settling in for his second day as Arsenal’s head of football relations, the Gunners are already beginning the process of preparing for the next window.
With Alexis Sanchez out the door Arsene Wenger has invested considerable resources in his attacking options and could look to strengthen the area further by adding Malcom, according to the Evening Standard.
Arsenal and Tottenham were in a head-to-head battle for the Brazilian winger’s signature who admitted that playing in the Premier League would be a “dream”.
But Bordeaux president Stephane Martin and new boss Poyet were adamant the £40million-rated ace wouldn’t see a move go through in January.
The two London rivals can expect to be pitted against each other again in the summer for the 20-year-old’s signature.
The Gunners’ vulnerable defence will be the priority though after Tuesday’s defeat to Swansea again proved its flaws.
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Wenger failed to secure a deadline day deal for Jonny Evans but should have an easier time sealing a deal if West Brom are relegated and he becomes available for £3m.
The goalkeeper situation at the Emirates is also up in the air with David Ospina almost certain to depart and Petr Cech under increasing pressure.
Atletico Madrid’s Jan Oblak is a potential candidate as a new Number One.
But the quality of player Arsenal will be able to attract will be influenced heavily by whether or not they can offer Champions League football.
They are currently on 42 points, eight behind fourth-placed Chelsea.