The Saints look set to get the contracted Swan to help upgrade their midfield after yet another failed season.
Hannerbery is open to a move back home, but three-time premiership coach Malthouse believes that the Saints shouldn’t sign him.
The former Eagles and Magpies coach said the talk of the Saints offering a long-term deal to a 204 game career player was not a wise thing to do.
“His body is gone,” Malthouse said on ABC radio.
“He is an old 27-year-old. He would be one of the last players I would pick.
“I don’t mean this because of the kid. The (Hannebery) family are outstanding.
“If they are talking these four and five-year contracts, it is a ridiculous amount of years for a player whose body is struggling to get through this year.”
The 27-year old has only managed 11 games due to an ongoing groin issue, and he has also been used as a tagger at times.
He has been named to play against Melbourne at the MCG on Sunday.
Malthouse, who has coached the third highest amount of wins in
AFL/VFL history (406) thinks the 2012 premiership player has past his prime.
“His pace is gone,” Malthouse said.
“Once your pace goes you are gone, and he never had a great deal of it in the first place, so when you start to lose what you had, you are in real trouble.”
With the Saints history of draft and trade mistakes, they have recently appointed James Gallagher as their new list manager to try and improve the squad for next year.
“It’s a typical reaction from to the Saints, and you get so disappointed with their selections at times,” he said.
“You think it’s been a long time since 1966 to win a premiership.
“What has taken place? Is this going to be a repeat of making a bad move?”