Chelsea have rejected an offer from Barcelona to swap Willian for Malcom plus cash.
It is understood that the Spanish giants are prepared to move Malcom on even though they paid £38 million for him from Bordeaux only last summer.
Willian has been a Barcelona target in the past, on more than one occasion, but Chelsea are not believed to be interested in letting him go for Malcom plus a sum of cash which would value the deal at around £50 million.
Even though Willian has just turned 30 and only has 18 months left on his current contract Chelsea value him higher than the proposal that was put to them by Barcelona representatives on Thursday.
Barcelona bought Malcom, 21, who have previously interested Tottenham Hotspur, after being rebuffed in their efforts to sign his fellow Brazilian, Willian.