The Chelsea winger hasn't played competitive football since December after being given a provisional ban by the FA for alleged doping.
The World Anti-Doping Agency announced in November the case had yet to begin in earnest due to having to wait on the FA's disciplinary proceedings.
"For me, what has happened is a pity because I'd never seen a player like Mudryk," Palkin, who sold Mudryk to Chelsea, is quoted by the Daily Express. "I remember him from our academy.
"He was a hard worker, he was a tough guy and he trained much, much more than other players. He stayed after training.
"For me, it's a big pity what has happened because this guy did everything in his life to stay on the top level. It's not fair what's happened to him now, and I believe that his lawyers will find solutions and he will return to football as soon as possible.
"From time to time I come to London and I meet with him, and I support him because for me, it's very important that he feels that he has people behind him, who support him."
Palkin admits Mudryk is struggling in terms of morale as his case remains in limbo.
"He is training, he's training by himself because the FIFA rules say you cannot stay in the camp," he said. "He dedicates almost the whole day to train and to keep himself in a good level, physically and mentally.
"The mood is not so good at this moment but he believes everything should be good and he will return to football as fast as possible."