Malcom, 20, has emerged as one of Europe's brightest young attacking talents this season with Bordeaux determined to hold onto him this month with the club's poor season threatening to drag them into a scrap for Ligue 1 survival.
Interest from Premier League clubs in their prized asset continues to grow, however. In late December, it was reported United were preparing an offer close to £30m for the Brazilian starlet with Jose Mourinho keen to add another wide player to his squad this January.
Tottenham were also said to have made an offer with Brazilian publication Esporte reporting earlier this month Mauricio Pochettino's side have made a bid worth £31m to bring the player to north London.
But according to the Daily Mail, Spurs have now dropped their interest. With Malcom's price tag soaring to £45m, the north London side now ready to prioritise other targets.
Reports this week suggested Arsenal has sought talks with Bordeaux over a move for the Brazilian with the club in a losing battle to hold onto Alexis Sanchez this month.
Malcom has been tipped to replace the Chile international at the Emirates but speaking at a press conference on Friday morning, Wenger dismissed claims the club are closing in on a deal.
"He [Malcom] is a good player but at the moment nothing is happening there. We are not on that case at the moment."
United will be encouraged by both those developments should they still wish to sign Malcom during the mid-season window, although the club are also considering the possibility of signing another Brazilian wideman this month in Paris Saint-Germain star Lucas Moura.
United are understood to be considering a loan move for the former Sao Paulo star but PSG are demanding a €40m permanent deal, eager to trim their squad this month.