The Frenchman is yet to make a Premier League appearance for the Blues this term, with the club keen to offload him in the near future.
With his current contract set to expire at the end of the season, QPR boss Harry Redknapp is confident that he can lure him to Loftus Road for a minimal fee this month.
‘Arry is keen to add experience and quality to his squad in a bid to steer the Super Hoops clear of relegation, and sees the 32-year-old as an ideal candidate to bring some attacking creativity and flair.
A potential stumbling block in any deal will be Malouda’s willingness to take a significant pay cut.
The Frenchman earns a reported £80,000-per-week at Stamford Bridge, a figure QPR will be reluctant to match.
But, Redknapp will be hopeful that the lure of first-team football may be enough to tempt him to move on.
The club are also believed to be close to signing Rennes midfielder Yann M’Vila, although reports have emerged that he may make a big money move to Russian giants Rubin Kazan.