Mayambela is reportedly looking for a return to Cape Town to revive his career after spending most of his time on the sidelines at Pirates.
Mabizela has been transfer-listed by Wits, though new coach Clive Barker has indicated he will seek talks with the former Bafana Bafana captain.
According to news reaching KickOff.com, Chilli Boys boss Chippa Mpengesi is supposed to arrive in Johannesburg today to finalise the deals for both players.
"The deal with Mayambela is almost done and he is expected to start training with the team very soon," says a club source.
Chippa general manager Wandisile Mbenguzana confirms the club's interest in both players.
"Yes, we are interested in both Mabizela and Mayambela. I am still waiting for the chairman to update me about the latest regarding the players signing with us this season."