كتب : Karim Farouk
The 27-year-old international player will fly to Los Angeles to join his new team in their pre-season tour of the United States.
Lyon and Chelsea have agreed on a sum that is reported to be around £13.5m.
Malouda had a major contribution with the sixth-time France champions as he scored 10 league goals during the past season.
The France international winger moved to Stamford Bridge to link up again with former team-mate Didier Drogba.
Malouda is the fifth player to join Chelsea this season after Claudio Pizarro, Alex, Tal Ben Haim and Steve Sidwell.