Malcom's form for Bordeaux has drawn interest from clubs in England.
Bordeaux forward Malcom has been unsettled by transfer speculation and is "asking questions" about his future, the French club's manager Jocelyn Gourvennec has said.
Arsenal are reportedly set to make a move for the €50 million-rated Brazilian if Alexis Sanchez leaves this month, while Tottenham Hotspur have also been linked.
Bordeaux's owner said that Malcom, who is the Ligue 1 side's leading scorer this season with seven league goals, is not for sale while Arsene Wenger claimed last weekend "there is nothing concrete" regarding Arsenal's interest in the player.
Ahead of Tuesday's league game with Caen, Bordeaux boss Gourvennec told media the player's head has been turned by the interest in him.
"I can't deny that he's being followed by a lot of people. With Malcom, I go from day-to-day," Gourvennec said. "He's committed. He's a bit, like he was in the summer... I wouldn't say he has been disturbed by it, that's a bit strong, he's not disturbed, but he is asking questions.
"He's asking himself what's the best thing for him, for his future. That's logical. If he's asking questions and he still manages to make assists or score goals, it'll be fine."
But Gourvennec added that Malcom may ultimately have to be sold if a good enough offer comes in.
"If Liverpool want you to work for them tomorrow, you'd go. I'm a coach, I'd like to be able to count on Malcom, Malcom has to help us," he said. "There is one person who decides in this, that's the majority shareholder. He talked about this at the weekend, but football remains football."
Ian is ESPN's French football correspondent. Twitter: @ian_holyman
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Source: espn.co.uk