Arsenal met the agents of Everton target Malcom last week, but look set to be priced out of a move for the winger, according to the Sun.
Barcelona only signed Malcom from Bordeaux last summer, paying €41m to hijack the Brazilian's proposed switch to Roma.
He struggled to make a big impact at the Camp Nou however and could be on the move this summer, amid interest from several sides, including Arsenal and Everton.
Barcelona will sell for the right price and are expecting offers for the 22-year-old.
His agents are also hard at work on a destination and held talks with the Gunners last week.
However, Arsenal may not be able to afford Malcom due to the costs of any deal, in terms of both wages and transfer fee.
All eyes will be on whether Everton can push an agreement for Malcom over the line.
The Toffees have been linked with putting together an offer for the Brazilian, but it is unclear whether they want him on loan or to conclude a permanent transfer.
