The France international has spent the last 12 months in the football wilderness, with Chelsea having frozen him out of their first-team picture in the final year of his contract.
Malouda was unable to negotiate an exit from Stamford Bridge and had to bide his time while waiting for a window of opportunity to present itself.
He is now a free agent and is understood to have attracted interest from Napoli, Marseille and Olympiakos.
No decision has been taken on where his next move will take him, but Malouda is delighted to find himself in a position where he can dictate his future.
"I am thinking I will take a decision soon," he said.
"I need to go to a club and play football. I do not want to experience my last year at Chelsea again. It was difficult for me and I need to have certain guarantees before making a decision.
"The positive news is that clubs are interested in me and want me at their club. That is the most important thing."