Mosimane has been in demand following a stellar 2016 during which he led the club to the 2015/16 Absa Premiership title in record-breaking fashion and guided the club to their first ever CAF Champions League title.
He was named CAF’s African Coach of the Year at their awards ceremony last week for those achievements.
Motsepe has now confirmed at a press conference today that Mosimane has renewed his contract, saying: “I'd like Pitso to be the Alex Ferguson or the Arsene Wenger of Sundowns.”
The Sundowns supremo did, however, indicate that he would not stand in Mosimane's way should he receive a good offer from a European club or another one from the national team.
“I would love to see Pitso coaching one of the top European clubs,” Motsepe added. “I would also do my patriotic duty and release him if requested by Bafana Bafana to do so and with Pitso's consent.
“If Bafana wants Pitso, we will release him. But of course Pitso must agree. We've always put South African interests first.”