The 21-year-old had appeared set for a move to the Italian capital on Monday, after both Roma and Bordeaux confirmed an agreement, reportedly in the region of €40m (£35.5m) had been reached. The operation will cost 41 million euros and 1 million in variables.
The Brazilian player will undergo a medical on Wednesday morning before joining the 2018 FC Barcelona US Tour sponsored by Rakuten.
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I don't mind him dealing with Russian Federation , I just want to deal with Russian Federation from a position of strength. Then following surprised laughter, Mr Coats said: "Okay, that's going to be special".
Roma have moved to quickly put the disappointment of missing out on Malcom behind them, announcing the arrival of Sweden worldwide goalkeeper Robin Olsen for an initial €8.5m fee.
Bordeaux refused to sell Malcom in the January transfer window, with Gus Poyet announcing he would not have taken the manager's job without assurances the forward would remain until at least the end of the season.
Malcom first arrived in Europe in 2016, joining Bordeaux from Corinthians, where he won the Brazilian title, and made nearly 100 appearances for the Ligue 1 club.
Malcom featured 36 times last season across all competitions, scoring 12 goals and registering seven assists.