Arsenal are interested in FC Barcelona forward Malcom, according to reports in the Daily Mirror.
The Brazilian U20 international has been linked with an exit from the La Liga champions this summer, followiing the signing of Antoine Griezmann from Atletico Madrid.
Manager Ernesto Valverde has declined to comment on speculation surrounding Malcom's potential exit, despite reported interest from clubs across Europe.
Malcom, who arrived at the Camp Nou from Bordeaux less than 12 months ago in a €40m deal, has also been linked with a move to Bundesliga side Borussia Dortmund – although they are not currently willing to pay the asking price of €50m.
According to the report, Unai Emery's side are willing to match FC Barcelona's valuation, after having an initial offer of €42m rejected by the Catalan side.
If Arsenal do increase their offer, that will likely put pressure on the German side to respond and look to match the Gunners.
Any Arsenal move for Malcom is also likely to be conditioned by their pursuit of Lille's forward Nicolas Pepe, after having a bid accepted for the Ivory Coast international.