The Catalan giants are open to a deal for their winger this summer but would prefer a sale.
A £50m price-tag has been put on the former Bordeaux man, with Arsenal looking at him as an alternative to Wilfried Zaha.
The cash-strapped Gunners could ultimately be priced out of the market for both players.
Crystal Palace’s £80m valuation of boyhood Gunners fan Zaha is proving difficult to work around.
Arsenal would have to sell to buy to fund a deal or include members of the first-team in a player-plus-cash package.
A £40m has already been turned down and Arsenal are expected to go back in for the Ivory Coast international who is desperate to head for the Emirates Stadium.
Unai Emery only has a summer budget of £45m, though, following his side’s failure to qualify for the Champions League.
Defenders are required as well, with left-back Kieran Tierney and centre-half William Saliba both £20m targets.
“Malcolm would be open to a loan with an option to buy included in a deal”
As a result, Arsenal appear to be looking at Malcom’s situation as they hope to take advantage.
Barcelona want to re-sign Neymar and his return to the Nou Camp would push Malcom even further down the pecking order.
The versatile 22-year-old winger only joined Ernesto Valverde’s team 12 months ago for £36.5m but he wants more game time and is willing to go out on loan.
Arsenal would take the former Tottenham target and have made a loan move for Malcom, according to Spanish newspaper Sport.
Malcolm would be open to a loan with an option to buy included in a deal.
As things stand, the player’s other options on the table do not interest him, with Barcelona hoping he can be convinced to leave for a club on an immediate permanent basis.
Malcom’s sale would raise funds, and in a bid to reach an understanding with the player, his agent will meet with Barcelona chiefs this week.
His representatives know, though, that time is on Malcom’s side.
As a result, if the signing of Neymar is completed in what would no doubt be an expensive deal, Sport add Barcelona would be forced to let Malcom go.
And that could work in Arsenal’s favour if he chooses to join them.