Mundo Deportivo claim the north London rivals could battle it out for the 21-year-old, who was a £36.5m signing from Bordeaux only three months ago.
However, the Brazil international has found playing time hard to come by at the Nou Camp, playing just a handful of times since the big-money move.
Malcom, who was called up to his national squad earlier this month, has reportedly asked to leave the club in January if the situation does not improve.
The highly-rated youngster is believed to have asked for reassurances from his manager Ernesto Valverde over his long-term future.
And according to Mundo Deportivo, Valverde expressed in the meeting that he thought Malcom was “training well, his behaviour was professional and therefore there was nothing negative to say”.
The sticking point was the fact he mentioned he was only leaving him out as he was considering other options in the squad.
However, Malcom wants to leave the club when the transfer window reopens, either on loan or permanently, if the situation does not change by then.
He is expected to play on Wednesday night at Cultural Leonesa in the Copa del Rey, but Malcom will be wanting a lot more than that if he is to commit his long-term future to the club.
Inter Milan are also said to be monitoring the forward’s situation.
Malcom almost joined Serie A giants Roma in favour of Barcelona in the summer, and they could be ready to pounce should a second opportunity to sign the young starlet arise.
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