The Brazilian forward had been touted as an Alexis Sanchez replacement at the Emirates but now looks more likely to head to the white half of north London, should he move this month.
The 20-year-old was substituted in the 87th minute as Bordeaux beat Nantes in Ligue 1 on Saturday evening.
While stating he would give his all should he remain at the French club this season, the No.7 admitted the Premier League is a dream.
"I don't know [if I will go]. If I do leave, that would be fine," Malcom told reporters.
"I will be grateful to Bordeaux, that's life. If I have to stay I will, and I will do my job. It is true that England is a dream for every player."
Spurs manager Mauricio Pochettino has never been a fan of January deals, having only ever brought in Dele Alli – who was sent straight back to MK Dons on loan, but maintains if there is an opportunity he will take it.