Caley Thistle reluctantly granted Hibs permission to speak to their boss on Tuesday and Butcher was at the Caledonian Stadium on Thursday as he contemplates the chance to move to Easter Road.
Matters are complicated by the fact that the teams play each other in the Scottish Premiership at Easter Road on Saturday, but Hibs have already told caretaker boss Jimmy Nicholl he will take their team and Malpas is bidding to fully prepare the Caley Thistle players amid the speculation.
"There is nothing the players can do about it," Malpas said. "They can't have any influence in it. The decision is Terry's decision. We are waiting on that.
"We have got a job to do and it's important the players do their job.
"A lot of people have been saying this and saying that. We have been trying to make sure the players are concentrating on playing against Hibs on Saturday and getting their preparation correct."
Hibs have not updated their public comment beyond Tuesday's statement, when they confirmed they had received permission to speak to the former England captain.
And the Leith club are still planning for their original pre-match media arrangements, when Nicholl is scheduled to discuss the game at 2pm on Friday.
Malpas, who could also be offered the chance to join Butcher at Easter Road, added: "There has been a lot of speculation. Everyone knows what stage we are at just now.
"Until anything else happens it's business as usual.
"We have got a game on Saturday that's important for the club, it's important for the players, it's important for everybody connected.
"It's the same as last week and the week before and the week before that."
Most of the Inverness players have been in a similar situation as Butcher held talks with Barnsley in January before rejecting the chance to move to South Yorkshire.
Malpas said on Thursday lunchtime: "They trained well this morning, they will train again tomorrow morning and we are away on Saturday morning. We are trying to keep the routine the same.
"It has been difficult because there has been a lot of speculation, but we are trying to keep it low key and get on with it.
"We had a good result last week after a major blip, according to a lot of people, and we just want to keep on winning."
The fact that Inverness are travelling to their manager's suitors has intensified the situation.
But Malpas said: "That's life, there is nothing we can do about that. We have to prepare and try and get three points on Saturday like every other Saturday.
"I don't think people realise how much preparation goes into a game. "It's important we have it right and give the players the best chance to get a victory."