Arsenal target Malcom played the full 90 minutes in Bordeaux's 2-0 loss to Caen on Tuesday night.
Bordeaux president Stephane Martin has dismissed reports the Gunners had begun talks with Malcom, telling L'Equipe: "Things are clear with his agents. He has not been extended and secured this summer to give him away this winter.
"We never had a discussion with Arsenal. From our point of view, it's wind. They can always try, but they will have a hard time taking him from us."
The Ligue 1 club reaffirmed their position on the 20-year-old by starting him in Tuesday night's match.
Liverpool and Tottenham are also interested in the Brazilian.