Arsenal could hijack Everton’s £31.5million move for Barcelona winger Malcom, according to The Sun.
The Toffees are ready to make a fresh bid to sign the Brazilian after missing out in the January transfer window,
Malcom wanted to stay at the Nou Camp and fight for a regular place in Ernesto Valverde’s first team.
Arsenal could rival Everton in race for signature of Barcelona attacker Malcom this summer
But his bid to impress Valverde failed and Malcom finished the season having started just six La Liga games.
Arsenal boss Unai Emery has identified the player as an alternative to top target Wilfried Zaha.
Emery has all but given up on landing Zaha after his £40m bid — which is half what want — was rejected.
Barcelona paid Bordeaux £36.5m for the 22-year-old Brazilian winger last summer
Everton have already made two first-team signings this summer, with goalkeeper Jonas Lossl arriving on a free transfer from Huddersfield and midfielder Andre Gomes joining from Barcelona are a successful loan spell.
Marco Silva’s Everton are due to begin the new season away to Crystal Palace on August 10.
Barcelona paid Bordeaux and initial £36.5million for Malcom last summer.