Let me start by saying I have seen this story posted absolutely nowhere. This is not a rumor just speculation to fill the long days of July.
What are the chances that Malik could return to the Hurricanes? Doesn't exactly fill the role of big second pair guy, but does fit well as a third pair, likely to come in around the $1 million offer give to Babchuk. He won't bring the points that Babchuk did last season, but he will be + a bunch so in the end I would call it a wash. He's had some injury problems the last two years, played only 42 games each season.
So, could you see this under any scenario? Does Babchuk get traded and Malik come in? Do we say thanks but no to an old Cane? Is he too much injury risk at 34? I don't think it's a bad idea, but don't really like the prospect of both Babchuk and Malik as I think it forces either a third pair defesive defensemen on the second line (Malik) or an additional offensive defensemen (Babchuk) on to the second pair. That said it does seem like an intriguing scenario and would fit in the team cap for salary.