The 21-year-old has been heavily courted by the Gunners over the past couple of months as Arsene Wenger looked to revamp his squad in January, after the arrivals of Pierre-Emerick Aubameyang and Henrikh Mkhitaryan and departures of Theo Walcott, Alexis Sanchez and Olivier Giroud.
Now however, the Premier League side look to have competition in the shape of Dortmund, who have £60m burning a hole in their pockets following the sale of Aubameyang to the Emirates Stadium a month ago, identifying Malcom as a key transfer target this summer.
Malcom has been in impressive form for the French side this season, scoring eight goals and providing a further six assists in Ligue 1 so far.
With all the interst surrounding the winger, it looks certain that Malcom will indeed leave Bordeaux at the end of this season based on his comments over the past month.
The Brazilian U23 international has said: "
"But I must also remember that Bordeaux helped me a lot. I have given my word to Bordeaux that I will continue (with the club) to be able to have more time to choose my future club.