Bordeaux announced on Monday a deal, reported to be €38 million, had been agreed with the Serie A side subject to a medical and personal terms being agreed.
But soon after the Ligue 1 side's statement was released, Barcelona's interest emerged and the La Liga champions moved to complete a deal worth up to €41m (£36.5m/$48m) on Tuesday.
Malcom subsequently agreed a five-year contract with the Catalan giants and sporting director Monchi is frustrated at the way Roma's planned move for the 21-year-old fell apart.
"I am very sorry for what has happened, but I believe that we had a complete agreement with Bordeaux – and then offered even more than that to get it done again," Monchi said to Roma TV.
"I want to tell our fans that we are continuing to work hard, working to identify a player that wants to come to Roma and is the equal or even better than Malcom.
"Now, within the club, we are looking at our options and seeing if we have a legal case. It is true that nothing was signed, but there are many messages with the agents and their president that are at least worth being assessed."
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