Manchester United have opened talks with Bordeaux for Malcom.
The Daily Mail says discussions about signing the 20-year-old next month and immediately loaning him back to France have taken place.
Bordeaux ambitiously want more than £50million for the Brazilian. That is a fee United are not prepared to pay and they are believed to be committed to spending in the region of £33m.
Malcom joined Bordeaux from Corinthians last year and has scored seven goals in 18 Ligue 1 games this season. Arsenal have also regularly sent scouts to check on his progress.
Mourinho, who implored United to do business in January, is thought to have claimed privately that Malcom has the tools to become a success in the Premier League.