In the process he has become a fan favourite at the Nouveau Stade de Bordeaux, as well as one of the most sought after young talents in European football.
On Malcom, the Gunners boss added: 'He's a good player but at the moment nothing is happening there.
The Brazilian joined Bordeaux from Corinthians for an undisclosed fee back in January 2016, and has since gone on to make 78 appearances for the club - scoring 18 goals.
Wenger spoke to the media prior to Sunday's Premier League clash against Bournemouth and appeared resigned to the possibility of his star leaving this month: "Nothing is really concrete at the moment and nothing is decided one way or another".
This could allow their North-London rivals to sign Malcom, as Arsenal are eyeing a potential replacement to Alexis Sanchez should he leave the Emirates this January.
Arsene Wenger concedes that Alexis Sanchez is likely to leave Arsenal, but he remains optimistic regarding a new contract for Mesut Ozil.
"The move will be expected around the summer time although further poor form could change this as the manager could lose his job".
Ravaged by injuries, Rafinha has been made available for transfer at Camp Nou as he seeks more playing minutes.
Malcom has attracted a host of Premier League clubs, including Manchester United, due to his ferocious style of play.
"I don't rule it out".