Bordeaux manager Jocelyn Gourvennec spoke about Malcom at a press conference:
"If Liverpool want you to work for them tomorrow, you'd go. I'm a coach, I'd like to be able to count on Malcom, Malcom has to help us.
"I can't deny that he's being followed by a lot of people. He's committed. He's a bit like he was in the summer—I wouldn't say he has been disturbed by it, that's a bit strong, he's not disturbed, but he is asking questions. He's asking himself what's the best thing for him, for his future. That's logical. If he's asking questions and he still manages to make assists or score goals, it'll be fine."
Bordeaux president Stephane Martin has said the club have "never had a discussion with Arsenal," per L'Equipe (h/t Rory O'Callaghan at Sky Sports).
Despite the speculation over his future, Malcom featured for Bordeaux in a 2-0 defeat to Caen on Tuesday and still showed his quality, per Scouted Football:
Scouted Football @ScoutedFtbl
Bordeaux struggled to do anything competently tonight, yet Malcom (20) still stood out. Was it because or in spite of Girondins' badness? Probably both. Eight dribbles attempted - four completed - and fourth-most touches. Anything of any quality was instigated by him. 🔐 https://t.co/isqLdnRqUM
Opta also showed just how impressive he has been this season:
Malcom has seven goals and five assists for Bordeaux in Ligue 1 and is their main creative thrust. He can cut in from a wide position and go for goal or set up team-mates. He also possesses real pace and good finishing ability.
He could be viewed as a potential alternative to Philippe Coutinho for Liverpool although it seems clear there is plenty of interest in the Brazilian, and he may have his pick of top clubs this winter.
One player who looks set to follow Coutinho out of Anfield is Woodburn, who could join Sunderland on loan. The two clubs have agreed a deal but it is being held up with Reds manager Jurgen Klopp considering his options after Coutinho's departure, per Joe Bernstein for MailOnline.
The 18-year-old has made just one appearance for Liverpool this season as a substitute in the Carabao Cup. A loan move could see him gain valuable playing time and help continue his development.
It seems unlikely he will see many minutes if he stays at Anfield for the rest of the season, and at Sunderland he will be working under manager Chris Coleman, who gave him his international debut during his time in charge of Wales.