The Brazilian signed for the Blues in 2012 through a pre-contract agreement but has struggled for first-team opportunities in London due to his tender age and the plethora of attacking talent in Rafa Benitez's squad.
The 19-year-old said that a lack of chances to impress at Chelsea is what motivated the loan move.
“Coming to Malaga was the best option for me. There is a complicated environment at Chelsea at the moment. There is a lot of pressure and it's difficult for a young player like me to get in the team." Piazon told reportersHe recognised that he is currently in an important stage for his development and so needed to look to Spain in a search for first-team football.
Piazon added: “Malaga was the best place for me to come because I want to play and have the opportunity to grow as a player."
The attacking-midfielder also praised the city that will be his home for the duration of the loan move and suggested he would feel comfortable with the Spanish style of football.
“The place is great. “It's sunny, if slightly cool at the moment. But I like the food and some of the sights are fantastic," continued the Brazilian.
“Spanish football is a lot like Brazil, and that means I can adapt easier and enjoy my football more.”
Malaga are currently fourth in La Liga, and the signing of Piazon could aid them in their fight for a Champions League place.