The injured Bafana Bafana midfielder is back in South Africa as he undergoes rehabilitation following surgery on his Achilles tendon.
He is expected to return to full training in January.
"May’s contract with Helsingborgs will expire at the end of the Swedish season," says the 24-year-old's representative, Nadime Mahmood.
"He has been doing his rehabilitation for now and we will see what happens in January when he is close to full fitness.
"Helsingborgs want him to stay because he has done well for the club but it is up to him to make a decision when he recovers.
"For now we are stressing more about his recovery before we commit into making decisions about his future. But the reality is that once he recovers he will definitely play football again."
Mahlangu has previously attracted interest from clubs in Turkey, France and the Netherlands.