This is according to the player's agent, Mike Makaab, the chief executive officer of ProSport International.
The experienced left-back has been a free agent ever since parting ways with Chiefs at the end of the 2017/18 campaign after the club decided not to extend his contract.
Masilela was linked with a possible move to an unnamed South American team during the recent July-August transfer window, but the transfer never materialized.
Makaab has since disclosed that the former Benoni Premier United and Maccabi Haifa player rejected the Chilli Boys.
“Tsepo is still keen on playing football. He still feels that he has another two seasons left in his legs," Makaab told IOL.
Masilela, who is 33, is in great shape according to Makaab, who facilitated the player's move to Chiefs back in 2012.
"I had a long chat with Tsepo and we agreed that it has to be an offer if he is to sign with any club. He is in a great shape," the former Orlando Pirates coach continued.
The former Getafe CF defender received a good offer from the Chilli Boys which he turned down as he was keen to stay in Gauteng.
"He is over his injury now. Chippa United did show some interest in Tsepo. It was financially a good offer but it was difficult for him to leave Gauteng,” Makaab concluded.
Chippa have been in the market for a quality left-back having been linked with former SuperSport full-back Sibusiso Khumalo and ex-Orlando Pirates defender Nkosinathi Mthinyane, who is a versatile player.
The Eastern Cape-based side lost left-back-come-left-winger Paseka Mako to Pirates at the end of last season.