Guangzhou Evergrande have made an offer to Barcelona to make a six month profit on the sale of Malcom.
Having arrived in the summer from Bordeaux for €41m, Guangzhou Evergrande are now offering €50m to Barca for the Brazilian.
Everton and Tottenham have also been linked with Malcom, but it is the Chinese which have shown the most concrete interest.
And with their transfer window not closing until the end of February, Guangzhou Evergrande have the time to negotiate terms calmly.
At Guangzhou Evergrande, Malcom would join former Barca midfielder Paulinho, who returned to the Chinese Premier League giants last summer.