Bordeaux president Stephane Martin has moved to shut the door on Malcom leaving.
Tottenham boss Mauricio Pochettino is keen to sign the Brazil international - though not at Bordeaux's €35m asking price.
But Martin is adamant he won't be sold this month.
He told SFR Sport: "Malcom will stay in Bordeaux this winter, it's a certainty.
"We have no discussions at this point with Tottenham, nor with any other club. There is no chance he will leave."