Billiat has been the subject of massive transfer speculation in recent months, with his contract at Chloorkop currently into the final six months.
The Zimbabwean international is free to engage clubs of his choice and has been linked with numerous local sides including Kaizer Chiefs, Orlando Pirates and Cape Town City, while a move to the Middle East also can't be ruled out.
It has since emerged that Azerbaijan champions FK Qarabag are monitoring the 27-year-old PSL star as a possible replacement to Bafana Bafana striker Dino Ndlovu, who last week confirmed his departure.
Qarabag are said to be ready to offer Billiat a salary of R500 000, but sources in Azerbaijan say the club are reluctant to meet Sundowns' asking price of $2,5-million (R30-million).
Billiat was missed in his side's 3-1 Absa Premiership defeat to Orlando Pirates over the weekend, after being ruled out through injury.