It had been envisioned that the winger would see out his contract and quit Stamford Bridge in the summer, but he could be heading out after all.
Russian newspaper Izvestia has claimed Malouda is a target for Anzhi Machachkala, who want to pay Chelsea £1.5 million for the Frenchman.
While our transfer window is closed, the Russian Premier League's transfer window does not 'slam shut' until February 26.
It means there is an escape route for players like Malouda if they choose to take it. Chelsea target Hulk was one who moved to Zenit after our transfer window closed in September; while the same club loaned Andrei Arshavin from Arsenal last February.
The news has also been reported in Italy, and if Malouda did head to Anzhi he would play alongside their new £34 million signing Willian, who put Chelsea to the sword in the Champions League earlier this season.
With Willian in the side, it's fair to wonder whether Anzhi need Malouda or this is just speculation, but the 32-year-old might just be a shrewd bargain pick-up to add depth to the Europa League challengers.
Malouda was linked with QPR in the transfer window but nothing came of it, while it was largely reported prior to it that French club Lyon would try to sign him.
It's strange that nobody has come in for him so far, after all he was a player who featured off the bench in last season's Champions League Final, and it shows the damage done by Chelsea for letting him lie in the reserves, training solely with the youngsters.
Should a club like Anzhi take a last-ditch gamble on Malouda?
image: © Ben Sutherland