The Gunners have a limited budget to work with this summer after once again failing to qualify for the Champions League.
Arsenal need to fix the holes in their leaky defence and shore up their midfield.
But instead, north London chiefs appear to be focusing on bringing in a wide-variety of wingers this summer.
Yannick Carrasco, Wilfried Zaha, Lucas Vazquez and Ryan Fraser have all been linked with moves to Arsenal in recent weeks.
But according to Globe Esporte, Emery wants Malcom to be pursued.
The Brazilian outlet claims the Arsenal boss is keen on the Barca star, who has struggled to make an impact since his switch from Bordeaux last summer.
Arsenal have chased Malcom in previous windows.
But the attacker would likely take a considerable chunk out of Emery’s budget this summer.
Clubs in China are also interested in Malcom.
But the player is said to favour a move to another European side.
Arsenal may also find they have competition from PSG.
The French champions are said to want Malcom as a makeweight in any deal for Neymar this summer.
Everton are also in the running for his signature.
According to reports in France, Marco Silva is desperate to make the 22-year-old his next signing at Goodison Park.
RMC journalist Mohamed Bouhafsi broke the news on Twitter earlier this week, claiming Everton will launch a €35m (£31.8m) bid for Malcom.
“#Everton will send an offer exceeding 35M € for #Malcom,” he wrote.
“Marco Silva has made the former Bordeaux a priority.
“#Arsenal is on the lookout.
“The Gunners discuss with the player’s entourage but have not yet submitted a bid.”