Barcelona made contact with Bordeaux following the failure to sign Brazil worldwide Willian from Chelsea and, according to Italian media reports, made a bid larger than the reported fee of 38 million euros (A$60 million) struck with Roma.
The Serie A giants have been keeping tabs on the Jamaican for a while and were interested in signing him when he joined Leverkusen from Genk in January 2016.
Malcom agreed a five-year deal to move to the Camp Nou, with a release clause expected to be fixed at €400m.
Fans were even waiting for his arrival in Rome.
Fernando Garcia, Malcom's agent, met with the Catalan club to thrash out the final details as the contracts were quickly drawn up ahead of Tuesday's announcement.
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In another, he repeatedly shouted the N-word while pretending to bring attention to himself in a fake terrorism situation. The Islamic Council on American-Islamic Relations also called for Spencer's resignation.
But he has now made a decision to join the Spanish champions and will have his medical on Wednesday.
Barca face Tottenham in Los Angeles on Saturday in the International Champions Cup, when Malcom could make his debut for his new club.
He made 38 appearances for Ligue 1 side Bordeaux last season, scoring 12 goals and assisting in another eight.
Barcelona look set to hijack the Malcom transfer at the last minute with the player due to undergo a medical at AS Roma.