The Interior Ministry's approval has been sent to the Federal Investigation Agency, which is working on the matter, Malik told reporters during an interaction on Tuesday night.
He said he was hopeful the FIA would implement the ministry's directive in the next few days by writing a letter to Interpol.
Malik said the FIA chief had been issued a directive to arrest Musharraf in line with orders issued by courts.
Earlier, the FIA's counter-terrorism wing had written a letter to the Interior Ministry, seeking its approval to approach Interpol to issue a Red Corner Notice for the arrest of Musharraf, who has been living in self-exile in London and Dubai since early 2009.
Malik recently announced that the government would bring Musharraf back to Pakistan to face trial for his alleged role in failing to provide adequate security to former premier Benazir Bhutto at the time of her assassination in 2007.
Musharraf has denied allegations that he was in any way involved in Bhutto's assassination and said he is willing to face Pakistani courts. However, he recently put off his plans to return to the country in March after the government warned that he would be arrested on arrival.
Bhutto was killed by a suicide attacker shortly after addressing an election rally in Rawalpindi in December 2007.
The FIA has sent to the Interior Ministry the complete records of its investigation of the assassination, including copies of arrest warrants issued by an anti-terrorism court for Musharraf. The court has also declared the former President a proclaimed offender or a fugitive.