According to Roma sports director Monchi, the Serie A club had negotiated with Bordeaux for a week and reached an agreement to transfer the 21-year-old to the Italian team.
"I'm very sorry It happened, but I believe we had a full agreement with Bordeaux – and then offered even more to do it again," Monchi said on the Roma website.
"President [James] Pallotta made the decision The best possible offer, but when the negotiations turned into an auction, we decided to retire.
" If someone wants to come to Roma, that's great, but ultimately If we do not want to come to Rome, we do not want them.
"Now, within the club, we look at our options and see if we have a legal case, it's true that nothing has been signed, but there are many messages with the agents and their president, at least it's worth evaluating. "
Neither Barcelona nor Bordeaux have spoken publicly about the negotiations for Malcom's transfer, and neither club responded immediately to CNN Sport's request.