The fee is undisclosed but Malouda has been valued at upwards of £13million in the French media since impressing for his country at the World Cup last year and featuring in the Champions League for Lyon.
Malouda will join Steve Sidwell, Claudio Pizarro and Tal Ben Haim as Chelsea's first-team summer signings, with Alex expected to arrive from PSV Eindhoven.
Lyon president Jean-Michel Aulas confirmed after Lyon's friendly with Lille that an agreement had been reached.
"It (the deal) is brilliant and it is good news for Flo," Aulas told OLTV, the French champions own television station.
"I have just called him. He is going to leave here tonight and have a medical in London on Monday."
