This after his business manager Mike Makaab of Prosport International and Israel club Maccabi Haifa agreed that the player can open negotiations with local clubs.
Masilela was expected to stay in Europe after playing for Spanish La Liga side Getafe FC, where he was loan from Haifa.
But due to no formal offers for the player abroad, Masilela will be looking to join a local Premiership side with Kaizer Chiefs rumoured to have been interested in the defender.
Makaab says the door is open for local clubs to contact him about the player.
"Maccabi Haifa has agreed that Masilela can be sold to a local club. We spoke yesterday regarding his future.
"We wanted to sell him to a European team but because we have not received the right offer, we have decided to also look at local clubs who will be interested in the player.
"So far there has not been any formal approach from a local team, but we are positive that there will be interest as we are now in a better position to sell the player to any interested team," Makaab adds.