The 22-year-old has played a starring role for PSV in the 2020-21 season, and his performances have understandably attracted interest from other top European clubs.
Malen chipped in with 27 goals and 10 assists in 45 appearances across all competitions for the Dutch outfit last term.
The report adds that Serie A giants AC Milan said to be monitoring the situation ahead of a possible bid during the summer.
The youngster remains contracted to PSV for another three years.
Malen is currently with the Netherlands squad for the ongoing Euro 2020.