Bordeaux have reportedly rejected an offer of £30.8m from Tottenham Hotspur for Malcom.
Ahead of the January transfer window, both Spurs and Manchester United have been linked with an approach for the winger, who is regarded as one of Brazilian football's top prospects.
However, according to Esporte, Bordeaux have opted to turn down Spurs' opening bid for the 20-year-old and insist that they have no intention of parting ways with the player at the start of 2018.
The attacking midfielder has contributed seven goals and four assists in 18 Ligue 1 outings during the current campaign, with a further two appearances coming in the Europa League.
Bordeaux are said to be demanding at least £50m for Malcom, who only penned a contract extension in September to tie him to the French club until 2021.
