New Bordeaux manager Gus Poyet has announced in-demand youngster Malcom will not be signing for Arsenal this January.
The Gunners were linked with a move for the young Brazilian earlier in the January transfer window, as Alexis Sanchez made it clear he would be leaving the Emirates.
Malcom was valued at £40million by the French club - a figure that Arsenal, who were considering other options, were not prepared to match.
But the winger remained on the club's radar as the Gunners moved a step closer to signing Dortmund striker Pierre-Emerick Aubameyang.
Speaking to the press on Monday, former Brighton and Sunderland manager Poyet, who replaced Jocelyn Gourvennec as Bordeaux boss, told L'Equipe: "I asked straight away if Malcom would be staying or not.
"They said yes. I said OK, now we can continue the discussion."
Club president Stephane Martin reiterated that stance on Monday. "Malcom, it has been said and said again, he will not be leaving," he said.
"He has said he wants to play in the Premier League one day. That is normal - what player wouldn't want to play in England?
"There is no problem with Malcom."
Poyet's comments follow Malcom's admission that it is his 'dream' to one day play in England.
"I do not know if I will be staying or leaving. I leave that to my agents, to the club. If I leave that is great, I thank the club for everything," he told reporters after his side's 1-0 win over Nantes on Saturday.
"That is life. These are choices. There you go. Now we will see. If I have to stay, I will stay. If I am to leave, then I will leave. So long as I am here, I will do my work.
"Is England a dream? Yes it is a dream, it is a dream for all players and I am no different. As I said, I am here, I must think about working and nothing else. I must not think about leaving now."