The 32-year-old France international was frozen out of the first-team set-up at Stamford Bridge this season, firstly by Roberto Di Matteo and then Rafael Benitez.
Malouda's last game for the club was the 2012 UEFA Champions League final, and he has not been involved since the historic victory over Bayern Munich on penalties.
Now with his contract due to expire, he is free to pick his next move.
"I have clearly disappeared, but now my contract with Chelsea is over," he told Canal+.
"It is nice, I am released and available for my comeback.
"My immediate future is about playing again but that may be not in August. Will it be in France? Everything is possible."