Alonso, 31, had surgery to repair a fractured metatarsal in August.
The doctor who operated on Alonso has revealed he is a realistic hope of playing a full month earlier than he was initially scheduled to be available.
"We looked over the player last Thursday and everything looking normal," Mariano de Prado told Marca.
"He is progressing well and has not had any setbacks so far.
"He is in the last phase of recovery. He is able to further enhance his work and use the usual footwear for practicing.
"With boots he is ready to make changes in pace and to have contact with the ball.
"There is a possibility that he can make the Malaga game, but at the moment it is still an estimation.
"It is not to be ruled out, but it is not good to force thinking with an objective. If he arrives at that time in a natural way, comfortable with the workload, then perfect."
Real Madrid are third in La Liga after eight games, trailing leader Barcelona and Atletico Madrid by five points.
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