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Willian could be on his way to Barcelona, with Malcom heading in the opposite direction, it’s claimed.
Brazil international Willian was tipped to quit Stamford Bridge in the summer, with Barca and Manchester United keen on the winger.
The Spanish side made three bids for the 30-year-old, the highest being around £55m.
However, Chelsea stood firm and refused to sell Willian following the arrival of Maurizio Sarri at Stamford Bridge.
La Sexta, via Metro, are reporting the transfer could be imminent, however, with Willian’s current deal at Stamford Bridge expiring in the summer of 2020.
Barca’s out-of-favour wide man Malcom could be offered as part of a swap deal, having appeared just three times for the La Liga champions this season.
The Catalans are hoping to cut their losses on £36.5m (A$65m) signing Malcom and use him as a bargaining chip in a deal for Chelsea’s Brazilian star.