The prime minister won't confirm whether Australia is in negotiations for a refugee resettlement deal with the southeast Asian nation.
Mr Turnbull had bilateral talks with Malaysia's Prime Minister Najib Razak on Saturday morning (Peru time) on the sidelines of the Asia Pacific Economic Cooperation (APEC) leaders' summit.
It's understood the pair discussed "irregular migration" among other topics such as trade, regional security, the Middle East and strategic issues such as the South China Sea during the meeting.
There has been media speculation a deal could be close.
But Mr Turnbull declined to speculate on the matter.
"When an agreement is reached we make an announcement," he told reporters.
Asked if human rights records were a consideration for the government in its negotiations for refugee resettlement, Mr Turnbull said it was something that features in discussions.
The coalition in opposition refused to support the Gillard government's attempts to pass legislation for its Malaysia people swap deal, after the High Court scuttled the plan in 2011, citing concerns about human rights violations in Malaysia at the time.
Tony Abbott has since retrospectively expressed some regret that as opposition leader he hadn't allowed the Labor government to pursue its mandate.
Under the arrangement 800 refugees that had arrived in Australia by boat were to be exchanged with 4000 verified refugees in Malaysia.
Asked about the hypocrisy of the coalition potentially pursuing a deal with Malaysia, Mr Turnbull said it was important to achieve "durable resettlement options" for refugees on Nauru and Manus Island rather than make political points.
Labor is already seeking an apology if the deal gets up.
"It shows a degree of cynicism and unfitness for government to have voted against that proposal five years ago for political reasons," deputy leader Tanya Plibersek told Sky News.
"Now to be looking at it as a real option, it's shocking in the extreme."
Australia has recently reached a deal with the Obama administration to send some refugees to the US for resettlement.
So far the numbers and time frames are yet to be finalised and it's unclear whether President-elect Donald Trump will honour the deal.
US Homeland Security department officers are already in Australia and will be going to Nauru shortly to start assessments.
