The former Bafana Bafana fullback joined Wits on a short-term contract until the end of the season in November last year, after a bitter divorce with Kaizer Chiefs.
Although he made just eight apperances in all competitions, the Clever Boys are keen to renew Gaxa's contract following the long-term injuries to both Nazeer Allie and Buhle Mkhwanazi.
The 33-year-old's agent Glyn Binkin has confirmed that Wits have engaged them with a view to retaining his client for the 2017/18 campaign.
"We are talking at the moment and hopefully he will stay with Wits next season," Binkin tells this website.
Wits have already retained the services of experienced winger Elias Pelembe as well as attacker Knox Mutizwa, who was on loan at Golden Arrows last season.