The home side are currently first in Sweden's Allsvenskan with 38 points from 16 games, while the visitors are third in the Faroe Islands' Premier League with 36 points from 16 games.
Match preview
The hosts did not play in the first round of qualifying for the Champions League but are entering the competition at the second stage after they won their domestic league in the 2023 season.
Last term, Malmo made it to the group stage of the Europa League, though they did lose all six of their matches.
The Blue Ones have lost just twice in the Allsvenskan so far this campaign, and have won 12 league matches.
Their home record is also impressive considering they have won their last nine matches at Eleda Stadion in all competitions and have won their last 10 in the top flight at home.
Manager Henrik Rydstrom has been in charge of the club since November 2022 and his side are currently averaging 2.38 points per game.
If this figure was extrapolated over the remainder of the season, then Malmo would accumulate roughly 71 points, and this would be the largest total in the club's history.
Opponents Klaksvik entered the competition in the first round of qualifying and defeated FC Differdange 03 2-0 on aggregate on July 17 after their two-legged tie.
Although they did have a 2-0 advantage from the first leg, they were aided by the fact Differdange centre-back Juan Bedouret was sent off after 35 minutes in the second game.
The visitors did win their domestic league last season, but they are currently third in the top flight with 36 points from 16 games, and though there are still 11 matches to play they are already nine points behind leaders Vikingur Gota.
Klaksvik have scored 32 goals and conceded 16 in the Faroe Islands' Premier League, the division's fifth-best offensive and third-best defensive records respectively.
Manager Haakon Lunov took charge in January, and his side are unbeaten in their last four games in all competitions.
Klaksvik's away record has been strong of late, with Lunov's team winning four of their last six games on the road.
Malmo form (all competitions):
W
W
D
W
L
W
KI Klaksvik Champions League form:
W
D
KI Klaksvik form (all competitions):
The hosts have several players with injury concerns, including defenders Niklas Moisander, Anton Tinnerholm and Joseph Ceesay.
Midfielder Anders Christiansen is also out of the game due to a calf injury, while Oscar Lewicki is set to be out until September.
Forwards Sead Haksabanovic and Stefano Vecchia have been ruled out as a result of groin and back injuries respectively.
As for the visitors, winger Arni Frederiksberg scored both goals in their first-leg victory against Differdange on July 10 and is certain to start.
Elsewhere, expect goalkeeper Mark Jensen to be shielded by a back three consisting of Cedric Yambere, Borge Petersen and Alexander Berntsson.
Malmo possible starting lineup:
Dahlin; Larsen, Jansson, Zatterstrom, Busanello; Pena, Johnsen; Ali, Nanasi, Bolin; Thelin
KI Klaksvik possible starting lineup:
Jensen; Yambere, Petersen, Berntsson; Danielsen, Joensen, Kronberg, Da Silva; Frederiksberg, Klettskard, Williams
We say: Malmo 2-0 KI Klaksvik
Considering Klaksvik are not performing quite as well as they did during their title-winning campaign last season, they come into Tuesday's clash as underdogs.