Arsenal are facing still competition from the Chinese Super League in the bid to sign Barcelona winger Malcom.
The Gunners have registered their interest in the Brazilian player.
He was on their short list before he signed for Spanish La Liga giants Barcelona from French club Bordeaux last summer in controversial fashion.
Bordeaux had agreed on a transfer for the young winger with Italian Serie A side AS Roma before the move was hijacked by Barcelona who paid around £36.5m to secure his transfer.
Since his move to Barcelona at the start of the season, Malcom has not been able to secure a spot in the Barcelona starting XI.
The 21-year-old has not been given a lot of opportunities to shine for Barcelona by manager Ernesto Valverde since the start of the season.
Popular media outlet Goal has revealed that Chinese top flight side Guangzhou Evergrande have made an opening offer of £45m for Malcom in their bid to sign him.
Guangzhou Evergrande already has a Barcelona player in their ranks after Brazilian midfielder Paulinho joined the club on loan at the start of the season with a view to make the loan deal permanent at the end of it.
Apart from Guangzhou Evergrande and Arsenal, Premier League side, Everton are also interested in Malcom.