The former Celtic and Aston Villa attacker has recorded just three goals and two assists in 14 MLS games during his eight-month spell in Chicago.
Citing “family reasons” as the reason why the Designated Player lasted only eight months in MLS, Yallop told the Chicago-based newspaper: "Obviously, you've got to feel for the individual. He loves the team. He loves Chicago. But there are things he has to sort out and be there for people.
"We did fine on the deal, because in the end we sort of had to make it happen for Shaun, for him and his family.
"I didn't want Shaun to leave, but it is what it is, and at some point there's a human part of this."
Maloney, 32, originally joined the Fire from Wigan Athletic in late-January after failing to agree personal terms with Premier League club Leicester, but even then there were questions over whether the Scotland international was a good fit for the team.
Though Yallop’s side were in desperate need of proven reinforcements after finishing the 2014 season in ninth-place in the Eastern Conference – their worst-ever campaign, some observers doubted whether the 40-times capped attacker would be able to fit into the same line-up as fellow No. 10 and hometown favourite Harry Shipp, who had just enjoyed a stellar rookie season.
Those concerns were proven to be justified over the following months, as Shipp continued his impressive rise while his pricier teammate floundered, leaving Chicago to sink to the bottom of the East due to their struggles to find a balanced starting XI.
Along with missing nine matches due to injuries and international call-ups, the former Celtic and Aston Villa man managed just three goals and two assists in his 14 appearances, before a horrendous performance in last weekend’s 3-3 draw at the Philadelphia Union – amid reports of a potential exit – appeared to mark the end of his stateside spell.
Hull boss Steve Bruce has since confirmed himself that a deal is in place to bring the unsettled Scot back to England, telling Sky Sports earlier this week: "Shaun is close to joining. He's got that bit of quality on the ball, he's played at the highest level and he will give us that little bit of something extra."
Maybe that “bit of quality” will suddenly resurface once Maloney heads back across the Atlantic but, after failing to live up to his £1 million-per-season wages, Fire fans are not fretting too much over his looming exit.