Roma fans gathered at the airport on Monday night, as they expected to welcome the 21-year-old, but his flight was cancelled by the Ligue 1 club at the last moment.
"There has been an approach from Barca," a source told Agence-France Presse, after Bordeaux had reached an agreement earlier in the day to sell Malcom to the Italian giants.
Barcelona made contact with Bordeaux following the failure to sign Brazil international Willian from Chelsea and, according to Italian media reports, made a bid larger than the reported fee of 38 million euros (A$60 million) struck with Roma.
Malcom had been a reported target for several European clubs, including Premier League sides Arsenal and Tottenham Hotspur, but English clubs may have been put off from making a bid as he needed a UK work permit to play in the Premier League.
Malcom scored 12 goals in 35 league games for Bordeaux last season.