Chelsea has reportedly rejected an approach from Barcelona for Willian after the Spanish club renewed their interest in the winger.
The LaLiga giants had a number of offers rejected for the former Shakhtar Donetsk star during the summer transfer window.
The Catalan club admitted defeat last summer and decided to sign Malcom in a £38m deal from Bordeaux, but the young Brazilian has failed to impress and Barca boss Ernesto Valverde is said to be keen to bring in another wide player.
Reports by Sports Mole suggests that Barcelona approached the Blues on Thursday and offered Malcom plus cash for Willian, but Chelsea is understood to value the 30-year-old at £50m.
The London club believes that the Brazil international is worth more, though, and they are unwilling to negotiate the sale of the player this month.
Willian has two goals and three assists to his name in 20 Premier League games this campaign, compared to no goals and assists for Malcom in five La Liga appearances.