Bordeaux president Stephane Martin says they have not entered discussions with Arsenal over a January move for Malcom - and says the Ligue 1 starlet is going nowhere this month.
The Gunners have targeted the Brazilian starlet as a potential replacement for Alexis Sanchez.
Arsene Wenger is a fan of the 20-year-old, who has scored seven goals and laid on six more for teammates this season.
The Sao Paulo-born youngster is likely to prove costly however, with a fee in the region of £45million mooted, having signed a new contract with the Ligue 1 side until 2021 in September.
However, according to Martin, Bordeaux aren't in the market of moving on the youngster this month.
“Things are clear with his agents,” he said. “We did not sign him to an extension and tie him to something, to let him go this winter. We have never had a discussion with Arsenal.
“From our point of view, it is nothing but hot air.
“They can always try, but they will struggle to take him from us.”
Representatives of the Brazilian were in London last week, amid continued interest from the Emirates.
But the club's owner, Nicolas de Tavernost has also insisted he 'will not be leaving'.
Yet while both president and owner say they will fight to keep the winger, his coach, Jocelyn Gourvennec, has opened the door on Malcom's exit.
Gourvennec told L'Equipe: "I’m not unaware that there’s interest in him. With Malcom, I am taking it day by day," admitted Gourvennec.
"I hope we will succeed in keeping him, but if he does leave then he will be replaced.
"He isn’t unsettled but he is thinking it over. He’s thinking about what’s the best choice for him, it’s only logical."