Santos head coach Muricy Ramalho is concerned by the financial outlay needed to sign France midfielder Malouda, who has slipped down the pecking order at Chelsea.
"Malouda was offered to us. He's a very interesting player but you get scared when they tell you their demands," said Ramalho.
"He was offered to us, but when you think about his wages, it gets hard.
"He is a very good player, an old-school midfielder who can hold the ball and set the tone in attack."
Reports in France claimed Malouda was holding out for £50,000 a week and a £400,000 signing-on fee.