# setsebool deny_execmem on
# /usr/bin/valgrind /bin/ls
==26552== 
==26552==     Valgrind's memory management: out of memory:
==26552==        newSuperblock's request for 4194304 bytes failed.
==26552==        43847680 bytes have already been allocated.
==26552==     Valgrind cannot continue.  Sorry.
==26552== 
==26552==     There are several possible reasons for this.
==26552==     - You have some kind of memory limit in place.  Look at the
==26552==       output of 'ulimit -a'.  Is there a limit on the size of
==26552==       virtual memory or address space?
==26552==     - You have run out of swap space.
==26552==     - Valgrind has a bug.  If you think this is the case or you are
==26552==     not sure, please let us know and we'll try to fix it.
==26552==     Please note that programs can take substantially more memory than
==26552==     normal when running under Valgrind tools, eg. up to twice or
==26552==     more, depending on the tool.  On a 64-bit machine, Valgrind
==26552==     should be able to make use of up 32GB memory.  On a 32-bit
==26552==     machine, Valgrind should be able to use all the memory available
==26552==     to a single process, up to 4GB if that's how you have your
==26552==     kernel configured.  Most 32-bit Linux setups allow a maximum of
==26552==     3GB per process.
==26552== 
==26552==     Whatever the reason, Valgrind cannot continue.  Sorry.

# ls -lZ /usr/bin/valgrind
-rwxr-xr-x. root root system_u:object_r:bin_t:s0       /usr/bin/valgrind

On rhel 6 valgrind has execmem_exec_t context, this does not work on rhel7 for some reason.