The Spanish champions are aware of the interest from the North London duo and that is why they are making it known that they are prepared to make a deal, according to the latest reports in the media.
For his part, Malcom is said not to be too keen on departing Barcelona even though he is far from being a regular starter.
Arsenal have previously been linked with the Brazilian but as is the case with most rumours nothing came of it.
That said, the Gunners are seen as the more likely destination for the winger simply because they are likely to offer him more first team possibilities.
The only real issue for Arsenal is that they cannot offer the 22-year-old Champions League football, whereas Tottenham can and that may end up being the deciding factor.
No fee has been mentioned but it is not thought to be out of the reach of either team and it is really down to which club steps forward and tables an official offer.