A deal could be completed on Tuesday, with left-sided player Malone having reportedly undergone a medical and agreed terms with the Lions.
Striker McQuoid, 22, left the Cherries for Millwall in a deal said to have been worth around £550,000 just over a year ago.
Mitchell told the Bournemouth Echo: "There has been toing and froing and some discussions but, at this moment in time, that's all it is. It's an ongoing situation but is not finalised yet.
"There have been discussions regarding a swap with Scott Malone and Josh McQuoid, but it's at the negotiation stage and whether it will come off or not is down to the two players and the two clubs."