Malen joined Arsenal from Ajax’s youth set-up in 2015 and spent two years at the north London outfit before returning to the Netherlands in the summer of 2017.
Over the last few seasons, the striker has established himself as a key player for PSV Eindhoven and is attracting transfer interest from several clubs.
The Dutchman has been linked with a move to West Ham, with Hammers boss David Moyes naming him as a player to watch at the ongoing European Championship.
However, Malen seems to be out of West Ham’s reach, with Borussia Dortmund eyeing the Netherlands international as a replacement for Manchester United target Jadon Sancho.
And according to German outlet Transfermarkt, the Bundesliga club appear to be close to striking a deal with PSV Eindhoven for the 22-year-old striker.
The German top flight club are working on a deal to bring Malen to Signal Iduna Park and their progress is said to be at an advanced stage.
Malen edging closer to a move to Borussia Dortmund could also suggest that Sancho’s transfer to Manchester United is also nearing completion.