The Frenchman has been marginalised by Roberto Di Matteo this season and told he has no future at Stamford Bridge.
Santos hope to sign Malouda on a free transfer.
The Frenchman has always spoken of winding down his career in Brazil.
Tribal Football Staff are dedicated to the football tribes from all over the world. Our team is passionate about delivering football news to our hundreds of thousands of followers in all the corners of the globe. Football is life, It never stops, Neither do we.