Malcolm still has the London 2012 sprint relay to come in his fourth Olympic appearance and always knew it would be tough to match his fifth from the Sydney and Beijing Games in his signature 200m.
He finished third in his semi-final, with only the top two advancing, and his time of 20.51 seconds – his second fastest this year – was not quick enough to earn one of the other available slots.
“I’ll be honest, I’m gutted I didn’t make it because I didn’t run a great race. I’m not going to make any excuses, I’ve got no reason why," he said.
“I had a good pre-training camp, it went really well and I expected more of myself out there.
“The same thing happened last year, I had good preparation and it didn’t go to well so I’m thinking maybe these are the tell-tale signs.
“They say when you come to the end you don’t really know when to stop, unless you’re forced to by injury. But I don’t know what to say at the moment – I’m just disappointed.
“My body is healthy, so perhaps I shouldn’t contemplate stopping. I don’t see myself as a semi-finalist, I see myself as a finalist – even if the sport has moved on.
“I want to be getting into finals and getting medals, I think I’m good enough to that.
“To not make finals on a major stage two years in a row is disappointing for me."
Malcolm turned 33 in June and admits he might be tempted to complete his set of Commonwealth Games medals in Glasgow, with a bronze from Delhi in 2010 and silver from Kuala Lumpur 14 years ago.
“Commonwealth’s are very appealing, especially being in Glasgow. I know the Scottish team want me to carry on," he said.
“If it was next year, I’d say definitely, but having another year of possibly going to the World Championships and possibly being disappointed might take its toll on me."
However, Malcolm wants to ensure his Games end on a high as part of Great Britain's much-maligned sprint relay team – with whom his career has charted the high of two World Championship bronzes and the low of several dropped batons.
"I’m not sure whether I’m in the four yet but we’re a squad so I’ll be there supporting regardless," he said.
“This was a fantastic experience, to have the opportunity to be in front of your home crowd and to witness a nation come together like they have is overwhelming.
“To be out there and hear your name being shouted out, I saw my mum and sister by the 200m start, for me it’s a dream come true.
“As a kid I never dreamed of this but you want to be competitive rather than just compete."