Nyatama has a year left on his contract with Phunya Sele Sele, alerting the attention of Pirates.
Celtic CEO Khumbulani Konco was cagey when asked about Bucs' interest in the Daveyton-born attacker, who scored five goals and provided one assist in 26 league outings last season.
"There has been interest in our players," says Konco.
"For now I am not ready to say anything."
The Buccaneers on Thursday confirmed the signing of goalkeeper Wayne Sandilands, adding to their recent capture of former Chippa United captain Thamsanqa Sangweni.
Young talent Reanetse Ramatlhapeng has also reportedly been snapped up by the Sea Robbers.