Tottenham had a £31 million bid for Brazilian winger Malcom turned down by Bordeaux, according to The Independent.
The report suggests Arsenal emerged as favourites to sign Malcom after outbidding Spurs by £9m.
However, The Independent also claims Liverpool are among the frontrunners to sign the 20-year-old.
There is no suggestion Tottenham will go back in for Malcom, who they clearly don’t value at any more than £31m.
Mauricio Pochettino doesn’t expect the club to make any signings this month but that hasn’t stopped the media from touting a number of potential deals, including one for Norwich City’s James Maddison.