The 32-year old Scottish winger became the Fire's third Designated Player when he signed last week and is now looking to bring the experience he gained during his time with such clubs as Celtic, Aston Villa and Wigan Athletic to Toyota Park.
"It's an opportunity of a lifetime," Maloney said when he was unveiled to press on Monday.
"I met and spoke with the manager (Frank Yallop) in early January and on a personal level I got on very well with him.
"We discussed the vision of the club and I just bought in straight away. I'm very motivated and happy to be here."
Maloney also revealed that he was given the 'green light' by Scotland boss Gordon Strachan to move to USA and Canada's top flight.
"I spoke to him pretty early in January when I decided that this move was what I wanted," 37-time Scotland international Maloney added.
"I spoke to him again a couple of days before I traveled over just for a second reassurance and no problems. He was actually very excited for the move and the new challenge.
"The national team means the world to me, it's a huge motivation, so it was good that I got the green light from him, there were no issues whatsoever with it."
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