Hlela has played very little since joining Usuthu from Bloemfontein Celtic in May 2012 and his time at the club has also been plagued by injury.
Khenyeza has still not reported for training with SuperSport since the festive break and coach Gavin Hunt told KickOff.com yesterday that he had no idea where the striker was.
According to a source at AmaZulu, negotiations between the clubs over Khenyeza are at an advanced stage.
"Both teams have agreed on the deal and it's just a matter of both players accepting," the source says.
Speaking to KickOff.com, Hlela did not rule out the possibility of the deal happening.
"I can't say anything now but next week I will be in a better good position to talk about my future with AmaZulu," Hlela says.
Meanwhile, Usuthu are also considering offloading striker Sifiso Vilakazi after he failed to make an impact since joining from Bidvest Wits last year.