The Brazil forward is deemed surplus to requirements at the Nou Camp.
He was only bought 12 months ago from Bordeaux but has failed to impress Ernesto Valverde in Catalonia.
The Toffees have already completed business with Valverde this summer.
Marco Silva rubber-stamped an early £22m deal for Andre Gomes following a successful loan spell on Merseyside.
“Arsenal boss Unai Emery wants to sign Malcom”
According to Spanish daily AS, Everton are willing to hand over even more cash to sign Malcom.
It’s suggested Silva is prepared to pay £32m for the talented attacker.
Arsenal, however, are ready to throw a spanner in the works.
The Gunners have reportedly told Malcom’s camp to hold fire on agreeing terms with their rivals.
Unai Emery, in the meantime, is trying to convince Barca to agree a fee that can be paid in instalments.
It’s not just Arsenal and Everton in the running, though.
Saint-Etienne are also sniffing around and, ironically, will have cash to reinvest one William Saliba’s move to Arsenal is confirmed.
A move to PSG is also a distinct possibility – albeit as part of a deal for Neymar.
Barca are desperate to bring the 27-year-old back to the Nou Camp.
However, PSG remain reluctant to lose face – and cash – in a deal.
Brazil and Barca legend Rivaldo wants his compatriot back on his former stomping ground.
“For the moment, the one [Brazilian] that I like the most is Neymar,” he said.
“I [would] like that he returns to Barcelona.”
Real Madrid also have a long-running interest in Neymar.
Zinedine Zidane has made Manchester United midfielder Paul Pogba his priority – but Neymar is also on the agenda.