According to agent Zoran Mikovic, who represents Serbian-born coach Moma Medic, talks between TTM and his client have broken down, and as a result, will pursue other options.
Medic's last job as a head coach was at Royal Eagles during the 2019/20 season.
Medic first arrived in South Africa in 2004 and worked as an assistant coach at Orlando Pirates.
"Not to get too deep but we just did not agree on financial terms."
Medic was fired by TTM back in 2019 after the club was found guilty of failing to field the required number of Under-23 players in a fixture against TS Sporting, as per the GladAfrica Championship rules.
TTM - currently coached by Phuthi Mohafe - have so far collected just eight points so far this season and occupy 12th position on the log table after seven matches played.
TTM's next fixture is a league encounter against log leaders Hungry Lions in Thohoyandou on October 17.