Bordeaux have warned that Arsenal "will have a problem" bringing Malcom to the Emirates Stadium this month and dismissed the transfer speculation as "hot air."
Arsenal have been strongly linked to Malcom, who played in Bordeaux's 2-0 loss to Caen on Tuesday, with a €50 million transfer fee for the 20-year-old reported in French media.
"We didn't extend his contract and give him security this summer to let him go this winter," Bordeaux president Stephane Martin told L'Equipe, referring to the one-year extension, until 2021, that Malcom signed with the six-time French champions in September.
"We have never had talks with Arsenal. From our point of view, it's all hot air. They can always try, but they'll have a problem taking him from us."
Though Bordeaux boss Jocelyn Gourvennec admitted earlier this week his forward was "asking questions" about his future, the Ligue 1 outfit have repeatedly stated their determination to hold on to the player they purchased from Corinthians in January 2016.
Malcom has been lined up by Arsenal as a potential replacement for Alexis Sanchez, who is out of contract this summer and has been heavily linked to a move away from the Emirates during the January transfer window.