Arsenal could hijack Everton’s £31.5million move for Barcelona winger Malcom, according to The Sun.
The Toffees are ready to make a fresh bid to sign the Brazilian after missing out in the January transfer window,
Malcom wanted to stay at the Nou Camp and fight for a regular place in Ernesto Valverde's first team.
But his bid to impress Valverde failed and Malcom finished the season having started just six La Liga games.
Arsenal boss Unai Emery has identified the player as an alternative to top target Wilfried Zaha.
Emery has all but given up on landing Zaha after his £40m bid — which is half what want — was rejected.
Barcelona paid Bordeaux and initial £36.5million for Malcom last summer.