The midfielder severed ties with financially-troubled FC Twente in January, having joined the Dutch club two years ago from Orlando Pirates.
Makaab is exploring options both locally and abroad for the 19-year-old.
"Yes, he's back in the country but let me just say the following: we are busy looking at options available for him and he is a free agent," Makaab tells KickOff.com.
"We hope to make a final decision between two to three weeks for him. It can be local and we are also looking at an opportunity for him in Europe."
Bidvest Wits and AmaZulu are rumoured to be interested in the player. When asked about the talk, Makaab says: "That is all speculation... he is obviously a talented player.
"But we just want to make sure that whatever decision we make is properly for the sake for his career."
Ntuli only played for Twente's reserve side during his spell in the Netherlands.