Malcom is swapping Spain for Russia.
It's understood that the speedy winger has committed his future to the Russian club by signing a five-year contract that runs until 2024, according to The Guardian's Fabrizio Romano.
Barcelona will be compensated an undisclosed amount if Zenit sells Malcom in the future, according to a statement from the Spanish club.
Barcelona will profit from the sale after signing the winger from Bordeaux last summer for an initial fee of €41 million, plus €1 million in add-ons.
Despite being just 22 years old, Malcom failed to impress at Barcelona while struggling to earn playing time under manager Ernesto Valverde.
He ended his lone season at the Camp Nou with just one goal and two assists in 15 La Liga appearances.
It was reported last month that Barcelona were eager to complete up to €150 million in sales before the Spanish transfer window closes on Sept. 2.