Hiddink enjoyed a successful spell at Stamford Bridge for four months during 2009 and helped Chelsea win the FA Cup.
Hiddink has been installed as the bookies favourite to takeover at Chelsea and he would have all the players backing.
"I have a lot of respect for him," Malouda said.
"When he came we were in a difficult situation in terms of results.
"He brought back confidence I think. He improved our game and led us in the Champions League and FA Cup.
"He put the club back on the right way. It was short term. It was really quick, but it was really intense.
"You have to take your time to make the right choices and that is what the Board is doing.
"I think we have a strong squad and when you want to add ingredient to the squad to have to take your time."
