The 22-year-old Dutch left-back is expected to move on from Feyenoord due to interest from several clubs in the ongoing transfer window.
Erik ten Hag is an admirer of the defender and is believed to be keen to take him to Manchester United ahead of next season.
But Lyon have been in the lead to sign Malacia and there were claims last week that a deal has been agreed between the two clubs for the move.
But according to Dutch daily De Telegraaf, Lyon and Feyenoord are still some way away from working out an agreement for Malacia’s transfer.
The Dutch club have rejected an offer from Lyon and are holding out for money before agreeing to sell the defender.
Feyenoord want €15m as a guaranteed fee but Lyon’s offer only reached that figure through add-ons.
They are also aware of the interest from Manchester United and are waiting for more clubs to join the race.
However, Feyenoord would prefer to sell him before 30th June in order to record the transfer in the current financial year.
