The Zenit St Petersburg winger has resurrected his career in Russia and has since been linked with some top European sides.
Journalist Graeme Bailey has revealed Arsenal want to sign Barcelona flop Malcom after a "sensational" season with FC Zenit.
The Gunners will no doubt be on the hunt for a number of new signings this summer having Champions League football for next season.
And it sounds as though they could be after a former transfer target who appears to have potentially turned his career around.
Indeed, Malcom was linked with a move to the Premier League club way back in 2018, while Tottenham Hotspur were also in the mix.
The player failed to impress at Barcelona – earning himself a label as a "flop" – before moving onto Zenit where he has rediscovered his best form.
While talking on 90min's Talking Transfers, Bailey explained that the Brazilian has had a great season and will soon be heading back to "mainstream European football".
He said (44:35): He's had a sensational season for Zenit. He had 30 goal contributions in total.
"And he's got a lot, he's got some very big clubs who have been very impressed by his progress PSG, but also Arsenal, Man City and Newcastle – we are being told, have also taken note.
"It's a difficult situation. Teams are going to have to buy him, he is co-owned by some Brazilian businessman as well, but keep an eye on this one.
"Malcom is very much a wanted man. And I think it'd be heading back to mainstream European football.”
After a fine year in Ligue 1 at Bordeaux, he eventually joined Barcelona for around €41m (£35.5m) but made a total of six league starts amassing 608 minutes of football in his debut season (via 90min).
Malcom was then sold to Zenit the following summer and has steadily developed into a great player for them, netting 26 goals and providing nine assists in all competitions this season.
Despite it seeming like it was so long ago that Arsenal wanted him, he is still only 26 years of age and so could be of interest to Mikel Arteta.
It seems Arsenal won't be the only big European club keeping tabs on his progress this summer but with Malcom playing so well on the right wing in Russia, he could be viewed as an ideal backup for Bukayo Saka – especially as rotation will be key next term with Champions League football to contend with as well.
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