The British Olympic Association currently bans drug cheats for life but that hardline position is now being considered by the Court of Arbitration for Sport - with a binding decision expected in the coming days.
Team GB officials insist that the overwhelming majority of athletes support their stance but recent weeks have seen several, including high-profile names Paula Radcliffe, Mark Cavendish and Bradley Wiggins, claim they believe in 'second chances'.
Malcolm claims close friend Chambers - who was found guilty of taking the anabolic steroid THG in 2004 - has already paid a considerable price, with leading promoters still banning him from all their events.
And despite losing his 2003 World Championship 4x100m silver, after Chambers tested positive, Malcolm is ready to forgive and forget.
"When he first failed the drug test, I was the first person he called," Malcolm he told BBC Wales.
"But what I heard in his voice was the disappointment and the fear. I was angry at him but I knew he was hurting and I knew he needed me.
"He came to stay with me for six to eight weeks during that period to get away from the media.
"He apologised and we had our discussions and I have forgiven him for what he has done."
Former world indoor champion Chambers remains Britain's best sprinter - and the only one likely of getting anywhere close to the podium this summer or even making the final of the blue-riband 100m.
And Malcolm also knows his potential value to the relay team, although UK Athletics officials were forced to deny recent press reports that Chambers had been secretly working with the 4x100m squad in advance of the CAS decision, which many predict will go in his favour.
"Dwain has a good heart but went through a stupid period in his life where he was naive," Malcolm added.
"There should be redemption and I like to see drug cheats come back because I like to see what they can do without the drugs.
"Are they really talented enough to perform well or did the drugs help them? If they come back without the drugs in their system and don't do well, then that is a real punishment."