Malcom's days seem numbered at Barcelona. The Brazilian player knows that his future depends on the Neymar deal, and the club is looking for his way out which would suit both parties. Many clubs are interested in Malcom - Barca won't have trouble finding a buyer. A loan with obligatory option to buy seems the best formula. Three Italian sides have asked about him but Napoli are the most likely to win the race.
Barca are calm about Malcom, because he has quality. If he's part of the squad, Ernesto Valverde is comfortable with that. But if Neymar comes it makes more sense for him to leave - especially as Neymar would take up a non EU spot.
Malcim would like to stay. He wants to play in the Champions League. Arsenal and Tottenham are also interested. But Inter, AC and Napoli are in stronger positions to get him. Ancelotti's Napoli wanted James Rodriguez but that doesn't seem to be happening, so Malcom is the next in line.
Barca and Napoli are negotiating. For now, he will take part in pre-season like any other Barca player.