Paulse initially retired at the end of 2016/17 after his contract was not renewed at Ajax, and became a pundit for SuperSport TV.
However, it is believed that Umoya coach Roger de Sa would like to add the 36-year-old's experience to his frontline.
The Urban Warriors released midfielder Toriq Losper and defender Roscoe Pietersen in July.
De Sa previously worked with the three men in a two-and-a-half year spell in charge of Ajax, which ended in October 2016.
The one-time Orlando Pirates mentor has also roped in former Ajax defender Dominic Isaacs to serve as his assistant and ex-Urban Warriors goalkeeper coach Andre Petim.
Meanwhile, former Highlands Park winger Brandon Theron, Taufiq Salie, Gavin Hammers and Nuzhad Pail are poised to pen contracts with the club, which suffered relegation when it was based in Phokeng and known as Platinum Stars last term.