Malpas has held talks with the 30-year-old, but the transfer could hinge on whether Betsy can secure a financial pay-off to terminate his Ashton Gate contract.
Malpas said: "We're working away to get Betsy here and he's trying to sort something out with his club. I hope something will be decided soon.
"He's keen to come here but Bristol City have a big say in whether he gets what he's looking for financially."