This has come as a major surprise as the central midfielder had signed a two-year contract extension with the Soweto giants in February 2017.
Baloyi, who is a Chiefs academy product, deputised for Willard Katsande and George Maluleka in the Amakhosi central midfield.
On Monday, it was reported that Amakhosi decided to offload the midfield hard-man - with the two parties agreeing on a settlement.
Nicknamed the Sheriff, returned to Chiefs prior to the 2015/16 campaign following a season-long loan stint at Moroka Swallows.
Baloyi made 70 appearances for Amakhosi in the league - netting four goals in the process.