The Daily Mail report that Spurs are ready to prioritise other targets, as Bordeaux are requesting sums of £45million plus to sign the Brazillian winger.
On Malcom, the Gunners boss added: 'He's a good player but at the moment nothing is happening there.
Arsene Wenger yesterday denied that the Gunners had made a move for the Brazilian, but also didn't rule one out in the future.
But I don't want to give news that I cannot confirm.
Where will Malcom be playing his football next season? "Their priority this month is to strengthen their defensive midfield". He did not start Wednesday's game against Chelsea in the Carabao Cup.
L'UE invite Téhéran à des discussions
Les deux rivaux ont comme principaux sujets de divergence la présence iranienne en Syrie et la menace nucléaire iranienne. Avant l'accord, l'Iran était à quelques mois de détenir suffisamment de matériaux pour produire l'armée nucléaire.
Malcom has attracted a host of Premier League clubs, including Manchester United, due to his ferocious style of play.
Arsenal are facing the possibility of losing Sanchez for nothing at the end of the current campaign unless the Gunners decide to offload the Chile international in a cut-price deal this month.
Esporte had previously reported that Spurs had put in a bid of £31million Malcom, but it was knocked back.
The winger has been linked with a move to the North London club in recent weeks, with Manchester United also thought to be interested in signing the Brazilian.
The Frenchman apparently has no interest in moving to England and wants to remain with the Liga giants, despite frequent links with Tottenham striker Harry Kane.