The Wigan winger is reportedly back on Celtic's radar.
The Times' report states that Celtic's interest has been revamped as Maloney's move to Leicester City has fallen through, while they also claim Maloney has told sources that he would welcome a return to the SPL champions.
Wigan Athletic's valuation of £1 million, however, is said to be putting Celtic off a January move, meaning the Bhoys could sign another player on a pre-contract agreement.
Celtic have already signed Gary Mackay-Steven on a pre-contract agreement, having announced that the Dundee United winger will join up with the club at the end of the season.
Maloney, meanwhile, could be the second Celtic target to go the same way.
The 31-year-old Wigan winger has already spent two spells with the Hoops either side of time spent at Aston Villa, although he has been with his current club since 2011.