Malzieu has been struggling with injuries to both calf muscles and his Achilles and has missed the opening two rounds of Heineken Cup action and 10 domestic fixtures.
He has played just four first-team games in a year-and-a-half after initially suffering calf problems in the wake of Clermont's Heineken Cup semi-final defeat to Leinster in Bordeaux back in April 2012.
The 30-year-old, who is out of contract at the end of the season, missed all but one of Clermont's European ties on the way to a first Heineken Cup Final appearance last term, featuring only against the Scarlets in January as a result of his injury woes.
A long-awaited return would be a huge plus for Clermont given that Malzieu was one of the most-respected wingers in world rugby prior to his run of problems. He was a regular starter in the 2012 RBS 6 Nations and currently has 20 international caps to his name.
He played the past two weekends with Clermont's second team - scoring a try in the process - and has spent the last week in full training with the senior side.
If he does feature at the Stade Marcel Michelin on Saturday afternoon it will be the first time he will have turned out for Vern Cotter's since May 26 when he crossed for a brace of tries in a 67-3 win over Bordeaux-Begles.
It would also put him in line for a Heineken Cup return in the December double header with the Scarlets and could mean he hits a half century of European appearances by the end of the season.
The 2006/07 Amlin Challenge Cup winner has played 43 times in continental competition with Clermont since the 2004/05 season and he would take that tally to 50 if they reach a second successive Heineken Cup Final and he features on each occasion.