The striker joined SuperSport on a three-year deal at the start of last season after winning the NFD Golden Boot with 22 goals for Thanda Royal Zulu.
However, Bhengu saw limited game-time in Tshwane, being largely reduced to a MultiChoice Diski Challenge role.
There were indications that Bhengu still had a future under coach Stuart Baxter, but a source close to the club says the player has moved on.
"Bhengu has terminated his contract with SuperSport by mutual consent," says the source.
Matsatsantsa have ample options upfront in the shape of Kingston Nkhatha, Bradley Grobler, Thabo Mnyamane and Jeremy Brockie.