Malcom only joined Barca during the summer transfer window as the Camp Nou outfit swooped to sign him from Bordeaux for €41m (£34m/$44m), hijacking his previously announced move to Roma.
But he has struggled to make an impact for the Liga leaders, making just nine first-team appearances in all competitions, scoring two goals.
A lack of appearances has also seen the 21-year-old fall down the pecking order for Brazil with just six months until Copa America 2019 begins in his homeland.
And his time in Catalunya could now be cut short with Guangzhou Evergrande - who are managed by Italy World Cup-winning captain Fabio Cannavaro - making their interest official.
The CSL side are on the lookout for a replacement for attacking midfielder Alan, who looks set to complete a January move to Galatasaray.
Cannavaro has approved the signing despite new financial restrictions being placed on CSL teams, with a new $10m salary cap now being placed on individual players' wages for the 2019 campaign.
Should Malcom join Guangzhou Evergrande, he would team up with another man with Barcelona links in the shape of Paulinho.
Guangzhou Evergrande finished second in the 2018 CSL table; five points behind champions Shanghai SIPG, who boast Hulk and Oscar among their number.