The Frenchman said this week he had been banished to Chelsea’s reserves.
“Florent Malouda was discussed, but it was thought that it was very difficult economically,” said Lyon chief Aulas.
“However, he is one of our friends and if he wishes to play for Lyon again, he would obviously be welcome.
“Provided though that he fits into the game plan of the coach and the economics of the business of a modest provincial club.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.