Bordeaux president Stephan Martin has warned Malcom not to get ahead of himself about leaving this summer.
With Arsenal and Tottenham both confirmed suitors, Malcom declared to Brazilian media last week that he would be leaving Bordeaux at the end of this season.
The claims were news to Martin, who insisted last night: "We did not not promise anything.
"We will review his case this summer, for sure. He made no secret of his desire to leave. We'll talk about it again this summer," said Martin.
Both Spurs and Arsenal lodged bids for Malcom in January, but Bordeaux refused to consider selling the attacker midseason.