Tottenham have made contact with Barcelona about a January deal for Malcom.
Having only joined Barca in the summer from Bordeaux, Malcom's future is up for debate after a difficult first two months of his Nou Camp career.
Sport says Spurs have spied an opportunity and approached Barca about the Brazilian's availability. A bid of €50m is now being readied for the winter transfer window.
Should Barca sell to Spurs in January it would represent a tidy six month profit, having signed Malcom for €40m.