The French winger signed from Lyon in 2007 and failed to live up to expectations despite a bright start
However the last two months of the season saw Malouda perform well and he is now rewarded with a mega pay deal.
Chelsea have yet to sign anyone for the new season.
Carlo Ancelotti starts work on July 1 and the players will be returning to pre-season training soon after.
They head to the USofA for some money-spinning matches and brand awareness opportunities.
Andryi Shevchenko says he will honour his contract with Chelsea and report for pre-season training after his loan deal to AC Milan ends this month.