The left-back signed a pre-contract with Wits with in January 2017 as his deal with Stars was due to expire at the end of this month.
The Clever Boys then announced that Tlhone would join his new teammates on July 1, 2017.
However, the 26-year-old full-back has since signed another pre-contract with Pirates, who have been monitoring his progress at Ea Lla Koto for sometime.
Goal has learnt both teams are aware of recent developments, and have been working behind closed doors to resolve the matter.
If Thlone chooses Pirates over Wits, the Soweto giants are likely to financially compensate their Gauteng rivals.
Two seasons ago, Platinum Stars defender Siyabonga Zulu and Chippa United goalkeeper Veli Mothwa were charged by the PSL for signing contracts with two different teams.