Malen has bagged 33 goals and 16 assists in 78 games for PSV.
And he could soon be on the way back to the Emirates, says Soccernews.nl.
Juventus are reported to have made contact with his super-agent Mino Raiola despite the Dutchman being plagued by a knee injury this summer.
But Malen was said to be uninterested in a move as he wants to focus on his domestic form for PSV to ensure he is in Holland's squad for next summer's Euros.
He already has four senior caps and has scored once.