The £13.5million signing from Lyon in the summer of 2007 was frozen out of the first-team at Stamford Bridge this season, failing to make a single appearance.
Malouda's last outing for the Blues came in their UEFA Champions League final triumph over Bayern Munich 12 months ago.
But with his contract having now reached a conclusion, the 32-year-old winger is keen to make a fresh start, with former club Lyon one side reported to be interested in his services.
He told The Sun: "I had a problem to sort out with certain people. It's done. Now, I'm free.
"I'm going to be able to play again next season and I cannot wait.
"I've been preparing all year long. I'll be back next season."