The defender was linked with a possible move to Pirates prior to the current campaign, but the transfer did not materialize.
The latest reports have indicated that the Buccaneers are still interested in Hlatshwayo, who was named 2016/17 PSL Defender of the Season.
The Soweto giants are said to be looking to approach the Clever Boys with a potential swap deal to try and sign the South Africa captain.
Pirates are reportedly looking to offer Ayanda Gcaba, who has battled for game time this season, in exchange for Hlatshwayo.
Gcaba, 31, is yet to make a competitive appearance for Bucs this season as Justice Chabalala, Ntsikelelo Nyauza and Happy Jele are all preferred ahead of the defender.
It is said that Pirates will make a stunning cash-plus-player offer to seal the transfer of Hlatshwayo.
However, it remains to be seen whether Wits would be open to selling one of their most prized assets to their Gauteng rivals.
Hlatshwayo extended his Wits contract until 2019 earlier this year.