Barcelona have encouraged Arsenal to make an offer for Malcom.
While talks over teammate Denis Suarez have stalled, Sport says Arsenal have been told they can sign Malcom this week.
The Gunners have expressed interest with manager Unai Emery eager to land a winger signing.
And Sport says Barca have informed Arsenal they can take Malcom on-loan - so long as they include a permanent option in their offer.
The sticking point is the outright option would be obligatory.