The 32-year-old has not been involved with the first-team squad this season, after failing to secure a move away from west London during the summer.
Roberto Di Matteo has forced the Frenchman to train with the club's U21s, after revealing that he no longer featured in his plans at Stamford Bridge. And, as the last 12 months of his contract continues to wind down, he is still left out in the cold.
Malouda is not letting the situation get him down, though, and instead he's focusing on getting himself ready for the next challenge that lies ahead.
"He is in exceptional fitness, I can assure you," Renaud told France Football. "He does his job the best he can, working hard and having rest. He needed that after the last few seasons with 60 matches.
"The only problem is he doesn't play. He has one year remaining on his Chelsea contract. When I go to his home, his wife and children are very happy. They can see him more often.
"He is far from wanting to stop his career. He remains very motivated and hopes for a last great challenge."
Chelsea have not missed Malouda on the pitch, with the club currently enjoying an impressive start to the season thanks to the attacking exploits of Eden Hazard, Oscar and Juan Mata amongst others.
But, the club's treatment of a player - who has served the Blues so well, during his five-year stay in England - has been a little unfair.
"I won't exaggerate and pretend he is living a dream," Renaud added. "To be forced to stop is not a blessing, but he has taken advantage of it with his physical work and honestly I have rarely seen him so fit.
"Is he upset to be training with the youngsters' team? Not at all! He asked for it when the officials locked the door of the professional training sessions."