Malbon 19, impressed during a brief loan spell at Harrison Park in February of this year, when he played three games scoring two goals.
The teenage striker began his career on the books of Derby County before joining Port Vale in February 2008.
He made his Football League debut in May 2009 shortly after picking up the award for Vale's youth team player of the season.
Anthony went on to make two more first appearances for Vale before joining Newcastle Town on loan in October 2010.
He left Port Vale by mutual consent earlier in the week and opted to come to Harrison Park rather than signing at the Lyme Valley Stadium.