Segolela struggled for game-time in his only season at City after coach Luc Eymael left the club in March, while Jembula initially linked up with Rise and Shine three years ago from Platinum Stars.
Edgar Manaka's future also remains uncertain amid reported interest in his services from Soweto giants Kaizer Chiefs.
Meanwhile, a source close to City says coach Bernard Molekwa is still handling the reins at the Premiership outfit. Molekwa steered the club to a best-ever sixth-place finish in the league in 2016/17 following Eymael's departure.
"Sox and Sipho Jembula are gone," says the source.
"The club is yet to appoint a head coach and in the meantime Molekwa is still in charge."