Masuluke was expected to be part of the players who will be ditching the Limpopo club for a DStv Premiership side.
Bakgakga will be playing in the Motsepe Foundation Championship next season after they were relegated from the top tier last season.
Following the release of Zimbabwean international keeper Elvis Chipezeze, the South African club has decided to keep Masuluke.
In 2018 Masuluke left Baroka FC for then GladAfrica Championship side TS Sporting but returned in September 2020 to sign a three-year- deal.
That three-year - deal is set to expire on June 30, 2023, but Mphahlele says that the 2017 Puskas Award finalist will finish his contract at the club.
Last season alone the goalkeeper made 20 appearances across all competitions.
"No Masuluke we are keeping him, he is not going that one, we will need his experience next season," Mphahlele tells snl24.com/kickoff.
Baroka has already parted ways with some of its best talents, that includes the likes of defender Bonginkosi Makume and Bafana Bafana striker Evidence Makgopa.
Foreign players Richard Mbulu and Manuel Kambala's contracts were also terminated.
