Malcolm had three spells with the Loons during his playing days and returns to Station Park from East Kilbride, who he guided to the Lowland League title last season.
The 40-year-old also had a spell as No 2 at Albion Rovers, while his near 20-year playing career included stints at St Johnstone, Ross County and Arbroath.
A poor run of form has seen Forfar slip to the foot of the Ladbrokes League 1 table but they have no game this weekend as opponents Raith Rovers are involved in the quarter-finals of the Tunnock’s Caramel Wafer Cup.
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