Pelembe was a free agent after leaving the defunct Bidvest Wits but joined the GladAfrica Championship side on a short-term deal in February.
It is not yet clear whether the former Sundowns, SuperSport United and Bidvest Wits winger will continue playing next season or hang up his boots.
According to Rise and Shine's chief operations officer Tincy Tema, the club is still mulling over the 37-year-old's future in Limpopo.
"Remember the season is not finished yet, they are still training even now. We still have to sit down and check the report, obviously the report will be explaining about individual players performance this season, and then we will take a decision.
"It's true his contract is coming to an end, but there is an option. Remember you can't just give a player a contract without an option.
"Remember he's a leader, and we playing with youngsters so they need somebody of his calibre to guide them and to lead them you see. So, chances are that we might keep him, but we will decide once we've received end of the season report. It will guide us on how we should move forward."