Wilfried Zaha remains Arsenal’s priority this summer as they look to bring in a winger to bolster their attack.
The Gunners are exploring other options due to the difficulty they face convincing Crystal Palace to part with their star man, but Real Madrid's Lucas Vazquez is not understood to be on the agenda.
There have been reports in Spain that Unai Emery had identified Vasquez as a target and that the north London club were closing in on a £30 million ($37.7m) deal.
But Vasquez’s focus remains very much on Madrid, despite suggestions that he will soon be on the way out of the club.
Arsenal, meanwhile, have been offered the chance to sign Malcom by Barcelona and Goal has learned there is interest in potentially bringing the Brazilian to the Emirates.
The Gunners pursued the 22-year-old while Arsene Wenger was still in charge before he eventually left Bordeaux for Barcelona last summer.
Malcom failed to make much of an impression at the Liga champions, however, making just 15 league appearances last season, and Barcelona have made it known that he is available at a price of €40m (£36m/$45m). There have been informal talks with several clubs across Europe to try and generate interest, including Arsenal.
Arsenal’s head of football Raul Sanllehi still has strong contacts at Camp Nou following more than a decade with the Catalan giants and is well aware of Malcom’s situation.
But as it stands, Arsenal’s priority in terms of bringing in a winger remains focused on Zaha - despite having had an initial offer knocked back by Palace.
The Gunners bid £40m ($50m) for Zaha last month, but the bid was not even entertained by Palace, who value their winger at around £80m ($100m).
That fee is beyond Arsenal’s price range, but there is a belief that a deal could still be done - possibly with players moving to Selhurst Park from the Emirates.
Palace have an interest in Carl Jenkinson, while Calum Chambers or Mohamed Elneny could also be offered by Arsenal, who will soon make another offer to try and tempt the south London club into doing business.
Zaha - a boyhood Arsenal fan - is desperate to move across the capital.
"Wilfried will always hold Crystal Palace and their fans in the highest regard and all the support they have given means the world to him," he said.
"It's my brother's dream though, to play for Arsenal.
"Given all that Wilfried has given to Crystal Palace to help them remain a Premier League club, I hope Palace will be able to see their way to agreeing a deal with Arsenal that allows Wilfried to realise his dream of playing European football for the club he's supported since childhood."
Arsenal, meanwhile, continue to target William Saliba and Kieran Tierney.
Talks over a move for Saliba are ongoing, with Saint-Etienne demanding that the 18-year-old defender remains with them for a further season on loan.
Celtic have already rejected two offers from the Gunners for left-back Tierney, but Arsenal remain hopeful of getting a deal over the line.