Arsene Wenger has sought to distance Arsenal from reports suggesting that a £40 million move for Bordeaux forward Malcom is imminent.
Goal revealed earlier this week that the Gunners are preparing to step up their efforts to land the talented 20-year-old as they ready themselves for life without Alexis Sanchez.
With the Chile international on the brink of departing Emirates Stadium for Manchester – with City and United both keen – Arsenal are eager to bring in a long-term replacement.
Malcom has been mooted as a possible contender to fill that role, but Wenger insists no move has been made for the highly-rated Brazilian.
"He is a good player but nothing is happening," the Frenchman told a news conference on Friday.
"We are not on that case at the moment."
Malcom has also been linked with Arsenal’s arch-rivals Tottenham, while United are said to be closely monitoring a developing situation.
The Gunners have held an interest in the youngster in the summer, but have been put off by Bordeaux’s demands.
Interest could be rekindled, though, if the price is right, with Wenger conceding that he is continuing to scour the market for suitable additions.
He added when pressed on whether Arsenal supporters should expect movement during the winter window: "I don’t rule it out - at the back, in midfield or up front. We are in the market and we are active.
"But I don’t want to give news that I cannot confirm. Things change very quickly."
At present, most of the transfer activity in north London has focused on outgoings.
While Sanchez continues to edge his way towards the exits, Francis Coquelin has departed for Valencia , uncertainty continues to shroud the future of Mesut Ozil and Everton have admitted to holding an interest in Theo Walcott .
Konstantinos Mavropanos is the only player to have been brought in, with the 20-year-old Greek defender considered to be one for the future rather than the present .