Mncwango was initially deemed surplus to requirements at Wits, having only played two league matches and one Nedbank Cup game since joining Gavin Hunt’s side from Polokwane City in January.
Free State Stars were interested in hiring Mncwango on loan but a deal failed to materialise, while Chippa United have also been linked with the forward.
However, Mncwango's business manager Josiah Mphono says his 30-year-old client is no longer leaving the log leaders.
"He is staying at Wits," Mphono tells KickOff.com.
"He has been given a chance to fight for his place in the team."
Mncwango faces competition for game-time at Sturrock Park from the likes of Lehlohonolo Majoro, Hellings Mhango and new signings Simon Murray and Gift Motupa.
Hunt plans to recruit one more midfielder before the transfer window closes at the end of the month due to injuries to Daylon Claasen and Granwald Scott.