The attacker agreed to a mutual termination of his contract at former club Trabzonspor last month and arrives at Stade Saint-Symphorien on a one-year deal with the option to extend.
Malouda is reported to have turned down a number of clubs in England in favour of making the move to Metz.
The 34-year-old began his professional career at Chateauroux, before signing for Guingamp in 2000.
A transfer to Lyon followed in 2003 and Malouda won four consecutive Ligue 1 titles with the club between 2004 and 2007.
Malouda's performances caught the eye of Chelsea manager Jose Mourinho, who brought the player to Stamford Bridge where he enjoyed the most successful period of his career - winning the Premier League, three FA Cups and the UEFA Champions League.
Malouda, who won 80 caps for his country, endured a less prosperous time in Turkey, making 19 league appearances for Trabzonspor before leaving to return to France.