Judd will not play on Sunday against Adelaide and the Blues remain uncertain if he will be available for selection the following week against the Brisbane Lions.
As well, the prospect of him returning via the VFL has not been ruled out.
"Juddy is probably a week behind what we thought, but when I say that it's not doom and gloom," Malthouse said on Wednesday.
"What we don't want to do is hasten it because we've said it's going to be four weeks or five weeks."
Judd injured his hamstring just minutes after coming on as substitute against the Western Bulldogs in round five.
It was his first game back from an Achilles tendon injury that forced him to miss the opening four matches of the season, and he was hurt when he was pushed as he kicked the ball at full tilt.
Malthouse said the club would feel no pressure to get the veteran back before he was ready.
"[There is] no panic here to say we've got to get him back for this week, none whatsoever," Malthouse said.
Judd knew his own body best, and the decision to return would be made by medical staff and the player.
On the chance of a VFL return, Malthouse said, "[There is] no restriction for where people play. It's what's best for them."