Striker Kutumela has seen limited game-time at Mayfair since his July 2016 signing from Baroka, scoring three goals in 30 appearances for Orlando Pirates.
In contrast, Makaringe enjoys regular football at the Team of Choice, having netted three times in 15 outings this season for the relegation-threatened outfit.
The 25-year-old midfielder, who joined Maritzburg in 2015 from Moroka Swallows, has also recently been linked with a move to Kaizer Chiefs.
But according to a source, Makaringe looks set to join Bucs with Kutumela going in the opposite direction.
"Kutumela is going to Maritzburg United," the source says.
"There is a swap deal involved with one of the Maritzburg players going to Pirates."