Barcelona have beaten Roma and Manchester United to Malcom, who will join from Bordeaux once a medical is conducted.
Barcelona however, took this as a sign to get their act together and they have moved incredibly quickly to steal Malcom from Roma's grasp.
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The 21-year-old had been linked with a move to the Premier League, with Arsenal, Everton and Tottenham said to be interested in signing him. However, according to RAC1, the player cancelled his agreement with Roma this morning and will go to the Catalan capital to negotiate his transfer.
"Palotta [Roma owner] made the decision to make the best offer possible but when the negotiation became an auction we chose to withdraw".
Malcom will arrive in Barcelona on Tuesday and undergo his medical with the club on Wednesday ahead of his move, and he now becomes the club's third signing of the transfer window.
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The club were initially banned from the Europa League as a result of the chaos but then reinstated on appeal. The defender has started to consider his future due to the chaotic ownership situation at San Siro.
"I informed our president [when things changed] and he asked me to push forward and make a new offer that was better than Barça's", he continued.
Malcom was reportedly ready to board a flight to Rome on Monday, before Barcelona hijacked his deal at the 11 hour.
Monchi added: "I told them enough, because we did not want to enter an auction".
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And Barcelona then signed Clement Lenglet from Sevilla.