The Gunners sealed their latest signing of the summer as Malen signed on the dotted line to complete a move to North London.
But Ajax were keen to keep the 16-year-old sensation and offered him a deal to try and convince him to stay in Holland.
The head of the Ajax's Academy, Wim Jonk said: "We have made him an excellent offer and presented a clear development plan.
"If the player still makes another choice, which is disappointing.
"The potential is clear and the opportunities will come with Ajax.
"We are continuing with the guys who do believe in it."
Arsenal have not announced the deal yet but the forward posted a picture to social media of himself with agent Mino Raiola and the Gunners' transfer chief Dick Law before quickly deleting it.
