Malcom's agent has reportedly told Barcelona his client wants to leave this summer.
Barcelona hijacked Roma's deal for the Brazilian a year ago but he has failed to make the grade at the Nou Camp.
Malcom struggled for opportunities last term and his hopes are likely to be dented further by the arrival of Antoine Griezmann.
Arsenal are interested in a loan deal for the 22-year-old as an alternative to Wilfried Zaha, with Crystal Palace refusing to budge on their £80m valuation.
Everton boss Marco Silva is also believed to be a big fan and wants to add a left-footed winger to his squad.
Malcom's agent has now told the Spanish champions that he wants to leave in search of regular football, reports Catalunya Radio's Tot costa.
It is unclear if Barcelona would be willing to sell Malcom with a loan deal appearing more likely at this stage.
That would suit Arsenal, with Unai Emery having a transfer budget of just £40m to spend after failing to qualify for the Champions League.
Arsenal are also keeping tabs on Brazil's Copa America hero Everton as another alternative to Zaha.
The Gunners remain confident of landing Celtic defender Kieran Tierney despite Celtic rejecting a £25m bid for the left-back.
And they are also monitoring Real Madrid midfielder Dani Ceballos, who could be allowed to leave on loan this summer.
Tottenham are also keen on the Spain international, who is not fancied by Real boss Zinedine Zidane.
