Malelsela has been back home in Pretoria since parting ways with the Chilli Boys in September, after overseeing just three games in the 2017/18 campaign.
The ex-Cape Town All Stars mentor has admitted to having received interest from clubs in the lower leagues, but feels the Absa Premiership is where he belongs.
"I'm stil at home at the moment, and there has been some interest from a few NFD clubs, but I'd like to come back to the PSL," Malesela tells KickOff.com.
"And I say that with no disrespect to the NFD clubs. I'm not putting any pressure on myself to take up a new job right now, and I'm happy to wait for an opportunity until January.
"If I do join an NFD club, I don't want to travel too far away from home."
'Dance' was previously linked with a move to Polokwane City, however, the club opted to afford assistant coach Bernard Molekwa an opportunity to lead the team this season.
Interest from Rise and Shine may be rekindled as they languish down in 13th position, with just two wins and 11 points from 11 games, at the moment.