The 34-year-old defensive midfielder, who has played over 300 games for Stars, aims to sign off with 10 years of service to the Bethlehem-based club.
"Yes, I think I will play one more season as I'm still in very good physical condition and I'm also injury-free," Masehe tells KickOff.com.
"And next season will be my 10th season here at Free State Stars, so it can be a great achievement for me."
With Ea Lla Koto in the semi-finals of the Nedbank Cup, Masehe says it would mean a lot to him to win the trophy before he calls time on his career.
"It would mean a lot to me and the team because I think we did very well this season. We really deserve to achieve something as big as winning this trophy so we can leave a legacy that will forever be remembered, and to also complement our hard work for this season.
"To also bring back those glory days of 1994 for our supporters [Stars won the Coca-Cola Cup in 1994] and the team as a whole. So winning that trophy will bring so much happiness to me."
Stars, in fifth place on the the league table, will battle Kaizer Chiefs on Saturday night at Moses Mabhida Stadium for a place in the Nedbank Cup final.