Arsene Wenger says that Arsenal are “not on the case” of Manchester United target Malcom.
Reports this month have suggested that Arsenal are interested in £45million-rated Bordeaux winger Malcom.
United have also been linked with the Brazilian, who has scored seven goals and assisted four in 18 Ligue Un games this season.
Tottenham have also been named as a potential suitor, but Arsenal and United were believed to be leading the chase.
But Wenger ruled out a possible move when quizzed on Friday.
“He is a good player but nothing is happening,” he said. “We are not on that case at the moment.
On the potential of more signings, Wenger added: “I don’t rule it out – at the back, in midfield or up front.
“We are in the market and we are active. But I don’t want to give news that I cannot confirm.
“Things change very quickly.”