FC Barcelona have gazumped AS Roma to seal a last-minute deal for Malcom.
The Serie A giants announced a deal had been agreed with Bordeaux for the transfer of the Brazilian winger on Monday, only for Barca to swoop in at the last minute and sign him instead.
Malcom, 21, scored 12 goals in 35 Ligue 1 games last season and was heavily linked with Arsenal in January. The North Londoners pulled out of a prospective transfer as the price spiralled but after the youngster's form dipped in the second half of the season, Bordeaux decided that they were happy to let him go for north of €40m (£35m).
Roma agreed a €43m deal to sign the player and announced that it would be ratified pending a medical but Barcelona matched that offer and were able to convince the wideman that he had better prospects at the Nou Camp, where he will earn a similar wage to what the Romans had promised.
Everton had been in talks with Malcom's representatives last week but moved on to other targets after it became clear that they were not first choice.
The Toffees have moved on to another Brazilian, Richarlison, who is expected to join from Watford for a club-record £49m.
Barcelona had offered £55m for Chelsea winger Willian but any deal for the 29-year-old midfielder is now in considerable doubt with Barca's spending power limited this summer.
