Arsenal failed with a major offer for Bordeaux attacker Malcom in January.
BILD says Arsenal had a £37.5million offer for Bordeaux winger Malcom rejected in during the winter market.
The Brazilian has long been a transfer target for under-fire Gunners boss Arsene Wenger.
And the Frenchman attempted to lure Malcom to the Emirates in the last transfer window.
But the player's club stood firm, insisting he would not be sold at any price.
Arsenal eventually signed Henrikh Mkhitaryan in a swap deal that saw Alexis Sanchez move to Manchester United.