Bordeaux manager Gus Poyet has suggested Brazilian winger Malcom will leave the Ligue 1 this summer amid interest from Tottenham and Arsenal.
Malcom has scored eight goals in 24 league appearances so far this season and is among the most highly-rated players in the French top-flight.
Spurs emerged as favourites to sign the 20-year-old in January, but a deal failed to materialise.
Instead, Tottenham moved for another Brazilian winger from Ligue 1, Lucas Moura, who joined for around £25 million on deadline day.
Spurs are still believed to be interested in Malcom, however, and the player himself recently said he will decide on his next club soon.
Poyet, who made 82 appearances for Tottenham between 2001-2004, was named Bordeaux manager earlier this year.
He is seemingly resigned to losing Malcom, telling Spanish outlet Marca: “He is a special player who can win matches on his own.
“He is often double-marked because his talent is that special, and in January we were nervous because we almost lost him to the Premier League.
“We must prepare for this because sooner or later he will leave.”
The question is: do Spurs still need Malcom? Lucas Moura has filled the slot he would have taken had he arrived in January, so the club is unlikely to spend big on a similar player.
That said, there is no harm in signing yet another quality attacker. It will be interesting to see if Tottenham make a move for him at the end of the season.