Arsenal have scheduled a meeting with Bordeaux to discuss a potential deal for Brazilian forward Malcom, Sky in Italy are reporting.
The 20-year-old, who is also wanted by arch-rivals Tottenham this month, has emerged as an option to potentially replace Alexis Sanchez should he leave for Manchester City either this month, or in the summer.
French club Bordeaux are believed to value Malcom at over £40m, and he is also reportedly of interest to Bayern Munich and Manchester United.
Malcom posted on social media last week that he was learning English, suggesting he was preparing himself for a move across the channel.
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He is a left-footed attacker who can play anywhere behind a centre-forward and could be a replacement for Sanchez, whose future at Arsenal remains shrouded in doubt.
Sky in Italy reported earlier this week that City, who are yet to make an offer this month, have a financial package ready for the Chile star should he join on a Bosman free transfer when his Gunners contract expires in the summer.
Arsenal boss Arsene Wenger reiterated his desire to keep Sanchez this week after he was left out of the starting XI for the goalless draw with Chelsea in the Carabao Cup semi-final first-leg, and defended the player's attitude.