The winger, who cost the Blues around £13million in 2007, has slipped way down the pecking order under Roberto Di Matteo and recently revealed that he has been forced to train with the club's youth team.
Malouda, who has not featured in any of Chelsea's Premier League games this term, is expected to be on the move when the transfer window reopens in January and a return to Le Championnat looks to be on the cards.
Lyon's club president, Jean-Michel Aulas, claims the France international would be welcome at the Stade Gerland.
"Our door is always open to former players," he said. "Malouda has been in contact with our coaching team very recently."
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