The Belgium U21 international - who has been dubbed the new Marouane Fellaini - has attracted interest from a number of Premier League clubs, but only two are said to have made firm offers, believed to be in excess of £5million.
Gunners boss Arsene Wenger has actually been linked with a move for Everton's Fellaini, but reported interest in Malanda-Adje could end their £22million pursuit of the Toffees star, with the frugal Frenchman turning once again to promising youth over tried and tested experience.
Arsenal will face competition for the 18-year-old's signature, though, with new Red Devils manager David Moyes also hoping to lure Malanda-Adje to Old Trafford.
It's understood that Moyes tried to sign the talented teenager when he was employed at Goodison Park, with Everton locked in a battle with Fulham for the versatile midfielder's services last season.
Now, having taken over from Sir Alex Ferguson at Manchester United, the Scot has renewed interest in Malanda-Adje - who can also operate in defence - and hopes to add him to the reigning Premier League champions' squad before the start of the 2013/14 campaign.