Barcelona forward Dembele has been regularly linked with Arsenal and Liverpool with his Nou Camp future far from certain.
The France international, who was part of his country’s squad as they won the World Cup in Russia, toiled at the Nou Camp after arriving from Borussia Dortmund last summer.
Barcelona have plunged Dembele’s future into uncertain waters by signing Malcom from Bordeaux, with the Brazilian expected to fit seamlessly into Ernesto Valverde’s line-up.
And Spanish newspaper Marca say the 21-year-old may be allowed to leave on a permanent basis with the club keen to balance the books.
That could benefit both Arsenal and Liverpool, with interest sounding strong from the Premier League duo.
The Gunners are favourites to sign Dembele among the bookies.
Unai Emery is eager to add a right winger to his squad, with Football London journalist Charles Watts last week saying Dembele was his dream signing.
He said: “Kingsley Coman is a player most sides in Europe would be looking at if he we available – and Arsenal are no different.
“He plays in an area that Emery would ideally like to strengthen, although I still believe Ousmane Dembele is the wide attacker that the club really want.”
And Liverpool have also expressed an interest in the winger.
Jurgen Klopp said in May: “Is Dembele on the market? Then I’m interested.”
Both clubs, however, may have to fork out a huge amount of money to secure Dembele’s signature.
Barcelona paid Borussia Dortmund a massive £134million to sign the France international.
Marca add, though, that Ernesto Valverde may yet keep Dembele in order to rotate him with Malcom.
And that would mean Liverpool and Arsenal missing out for the second summer in a row, with both clubs linked 12 months ago.