A new skipper is needed following Inzamam-ul-Haq's decision to give up the job in the wake of the team's first round exit from the World Cup.
Batsman Mohammad Yousuf has declared an interest in the captaincy, but it is thought Malik may be the favourite.
"He appears to have a good cricket brain and could turn out to be a very good choice," said Imran.
"I hope he accepts the challenge. It could make him into a better player and bring out the best in him."
Malik is only 25, but has played 18 Tests and 137 limited overs internationals.
His career has not been without controversy - two years ago he was given a one-Test ban for throwing a domestic Twenty20 game and his bowling action has twice been reported to the International Cricket Council.
He is, however, seen as a good choice for the future as Pakistan look to rebuild.
Asked about the captaincy, he replied: "I don't want to say anything about it because no-one has spoken to me about it yet. When it happens, fine."
Imran, meanwhile, has criticised Inzamam's former deputy, Younis Khan, who was offered the chance to take over as skipper but turned it down because he was angry at the reception the team received when they returned home from the World Cup.
"I don't understand it. If he didn't want to be captain, he should not have accepted the vice-captaincy for the last two years. His refusal has led to a crisis," said Imran, who led Pakistan to victory at the 1992 World Cup.
"It is useless trying to convince Younis to lead the team if he does not want to do it, but what he did was wrong."
Another former skipper, Javed Miandad, said Younis's decision was symptomatic of the indiscipline in Pakistan's cricket set-up.
"It is disappointing for me that someone should turn down the honour of being asked to captain his country. It is not a good sign for Pakistan cricket," he added.
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