The lanky forward was suspended by City last season for comments he made in the media after interest from Pirates surfaced.
However, Mncwango has since started pre-season training with Rise and Shine ahead of the upcoming 2017/18 campaign.
The club has now revealed that they will be keeping Mncwango, who is still contracted to the club until June, 2018.
“You can quote me on this‚ Thobani is not for sale," Mogaladi told The Sowetan.
The club boss also accused the media of “just trying to sell newspapers," according to the publication.
"You must now put this Thobani thing to bed," Mogaladi concluded.
Mncwango attracted interest from the Soweto giants after he narrowly missed out on the 2015/16 PSL Golden Boot - having scored 13 goals.
Zambian marksman Collins Mbesuma's 14 league goals for Mpumalanga Black Aces earned him the accolade.