The actress/model would consider disrobing for the U.S. publication despite the furore surrounding her provocative shoot for FHM India last year (11).
She has taken legal action against bosses of the men's magazine, alleging the apparently nude photos were tampered with after the shoot.
Malik received death threats after the images were published, but she's now admitted she would have no problem baring all for Hugh Hefner's iconic publication.
She tells Britain's Daily Mirror, "I'd think about it. Why would I say no? It's a great opportunity. I'd definitely go for that. That is my job. I am a model and I would consider every single opportunity that comes my way."