Malcom has asked to leave Barcelona but the Spanish champions are demanding €60 million (£54.2m) from Arsenal to sign the winger, according to reports in Spain.
FC Barcelona signed Malcom for an initial £36.5m fee from Bordeaux last summer.
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According to Catalunya Radio, Malcom has now told Barcelona, via his agent, that he wants to leave the club this summer in order to get more playing time.
Malcom’s agent met with Barca representatives on Tuesday to discuss his future, but the player has made no request to leave the club, despite reported interest from Arsenal, Spurs and Everton this summer.
Barcelona are also reportedly interested in re-signing Neymar this summer, which would mean they would need to sell one of their other three non-EU players – Malcom, Arthur or Arturo Vidal.