Leonardo Cornacini returned to France on Saturday to meet the 20-year-old Brazilian, who played 85 minutes of Bordeaux's 1-0 Ligue 1 win over Troyes.
According to updates posted on social media, he appeared to be travelling by private jet - which could point to the trip being made to pick up the player and transport him back to London for the signing process.
Reports have claimed the two clubs have settled on a fee of £45million - although not all of that figure will be guaranteed as performance-related clauses must be met.
Malcom, who has not yet been capped by Brazil, has scored seven and assisted five goals for struggling Bordeaux this season.
The left-footed winger has bags of pace but needs to work on the defensive side of his game to become a top player.