The skilful midfielder will be playing for the Buccaneers during the 2012-13 South African top flight campaign, despite reports suggesting that he would be making a move elsewhere
Mayambela was on the wanted list of Chippa United. Both teams had initially agreed on the player's deal but the player turned down the proposed move.
The midfielder is keen to work hard and fight for his place in the star-studded Bucs team.
According to a Kickoff.com source in Bucs camp, the technical team met at the weekend and agreed to keep 'Professor' as they still believe in his capabilities despite him seeing little action last season.
Mayambela will compete with Daine Klate, Aubrey Ngoma, Tlou Segolela, Sifiso Myeni, Njabulo Manqana and Khethokwakhe Masuku for the wing position at Pirates.
Bucs have already loaned out defender Lizo Mjembu and Cyril Mashego to the Chilli Boys.