Musharraf, a onetime U.S. ally, went into self-exile in Britain in 2008 after being forced out of the presidency he secured in a 1999 military coup. The current government is being run by Musharraf's political rivals, and the president is Bhutto's widower and political heir, Asif Ali Zardari.
A Pakistani court issued an arrest warrant for Musharraf last year over the allegations.
Musharraf, a former army general who wants to return to Pakistan for what will be bitterly contested elections likely this year, said the government was playing politics over the case. Musharraf has repeatedly denied any legal responsibility for the killing.
"This is all politics," he told the ARY television station Tuesday. "It's just point scoring and nothing else."
Pakistan may ask Interpol to issue a so-called red notice, the agency's highest alert, equivalent to putting a suspect on its most-wanted list. Such a notice on Musharraf would alert police in all member countries to heed the Pakistani warrant and arrest Musharraf.
It is unclear whether Malik will go ahead with his threat.
Bhutto was killed Dec. 27, 2007, shortly after returning to Pakistan to campaign in elections Musharraf agreed to allow after months of domestic and international pressure.
Two police officers and five alleged members of the Pakistani Taliban have been charged in the assassination. But Zardari's Pakistan Peoples Party has continued hinting that it believes Musharraf or his allies may have been involved.
