Marco Silva is keen to strengthen his side this summer as they look to break into the top six.
Everton especially want to bolster their attacking options in the coming weeks.
And according to reports in France, Silva is desperate to land Barcelona star Malcom.
RMC journalist Mohamed Bouhafsi broke the news on Twitter, claiming Everton will launch a €35m (£31.8m) bid for the Brazilian.
“#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.”
Arsenal have chased Malcom in previous windows and are said to be keen once again.
The Gunners want another winger brought in before the August 8 transfer deadline.
But Unai Emery has a limited budget to work with.
Arsenal may also find competition from PSG.
The French champions are said to want Malcom as a makeweight in any deal for Neymar this summer.
Everton, meanwhile, are reportedly interested in Diego Costa.
The Atletico Madrid star demanded a move back to the Spanish side when he left Chelsea in 2017.
But Costa has struggled under Diego Simeone and could leave this summer.
The Toffees have also been linked with Ajax star David Neres in recent weeks.
But the Brazilian looks set to stay at the Eredivisie champions for another season.