Bordeaux president Stephane Martin insists Arsenal have not made contact about signing Malcom this month.
The Gunners have been heavily linked with a move for the Bordeaux starlet as they look to sufficiently replace Alexis Sanchez.
Tottenham have reportedly even ended their own interest in the 20-year-old to allow Arsenal a clear run at the Brazilian but Martin insists the Gunners are yet to even make an approach.
“Things are clear with his agents. He has not had his contract extended this summer just to give him away this winter,” he told L’Equipe, via The Daily Mail.
“We haven’t had any discussions with Arsenal. From our point of view, it’s all hot air. They can always try, but they will have a hard time taking him from us.”
Arsene Wenger’s side appear to have cooled their interest in Malcom as they instead switch their attentions to signing Pierre-Emerick Aubameyang and Henrikh Mkhitaryan.
Malcom made a breathtaking start to the season but his form has dipped in a Bordeaux side that have plummeted down the league table.
Bordeaux have lost 10 of their last 14 matches in Ligue 1 and Malcom has only netted twice in his last 11 league outings.
Nevertheless, he is still among the top-10 WhoScored rated players in Ligue 1 (7.48 rating), while only three players have won the WhoScored Man of the Match award more times (Malcom – 5).
With this in mind, now is the time to cash in on the Brazilian starlet on Football INDEX. His share price has dropped 0.87% in the last 24 hours and will only continue to tumble as Arsenal look elsewhere.