Arsenal are hoping to replace Alexis Sanchez by signing the highly rated Brazilian attacker Malcom.
Sanchez is a target for both Manchester clubs and the Chilean is expected to leave by the end of this month.
Malcom has been outstanding for Bordeaux this season and he is likely to cost around €50 million.
According to Brazilian outlet UOL, Tottenham and Arsenal are both looking to sign the versatile attacker but the player prefers to play under Arsene Wenger.
Spurs tried to sign the player during the summer transfer window as well but their offer was turned down.