Arsenal do not yet have an agreement in place to sign Bordeaux forward Malcom.
The 20-year-old's agents have been in London amid rumours that the Brazilian is set to head to Arsenal to replace Alexis Sanchez, who is expected to be sold to either Manchester City or Manchester United.
But Bordeaux have not been keen to see Malcom go before the end of the season.
And according to Yahoo France, there is not yet any agreement which would take the former Corinthians man to Arsenal.
Malcom though is claimed to want to move on this month and Arsenal currently lead the race for his signature.
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Bordeaux snapped up Malcom from Corinthians in 2016 and the forward has caught the eye with his performances in France.
Arsenal have slapped an asking price of £35m on Sanchez, who Malcom is in line to replace, as Manchester City and Manchester United battle for his signature.
