Rakhale's exit will see Diamond Thopola and Phetso Maphanga join the Buccaneers in the January transfer window, the club announced.
"Orlando Pirates Football Club is pleased to announce the signings of defenders Diamond Thopola and Phetso Maphanga from Chippa United," read an official statement.
"Both players join the club with immediate effect and will be introduced to the coaching staff when training resumes on December 27.
"The club can also confirm that winger Thabo Rakhale moves across to the Chilli Boys as part of the deal.
"The club would like to thank Rakhale for his contribution at the club and wish him all of the best in his future endeavours."
Thopola, 27, made just three outings at right-back for the Chilli Boys this season before injury struck, while Maphanga has missed only their opening clash of the season against Pirates.
Fan-favourite Rakhale has made nine appearances in all competitions in 2017/18, having joined Bucs from Polokwane City in June 2014.