This is according to Wits chief executive officer Jose Ferreira, who has made it clear that the experienced central defender is not for sale.
The South Africa international has been heavily linked with the Buccaneers, who are known to be keen to beef up their defence.
Hlatshwayo has been on the radar of the Clever Boys since last year after leading the Johannesburg side to the 2016/17 PSL title and 2016 MTN8 Cup.
Wits reacted by offering Hlatshwayo a new contract which he signed as the Braamfontein-based outfit tied down their most prized asset.
Ferriera insisted that Pirates are yet to contact them regarding the player's services ahead of the new 2018/19 campaign.
“Thulani Hlatshwayo is not going anywhere. At this stage, he is our player. What is the truth today, tomorrow is a lie," Ferreira told PowerSport.
"But there is no intention to release Thulani. He is not for sale,” he continued.
The Clever Boys boss revealed that he has had meetings with Pirates club chairman Dr Irvin Khoza and Hlatshwayo was not discussed by the two football administrators.
“There is no truth. Thulani Hlatshwayo is not going anywhere. I had meetings with Dr Khoza about many things, but they did not approach us for Thulani," he said.
"We extended with Tyson. He is not for sale. He is our captain," Ferreira concluded.
Four months ago, Hlatshwayo, who has represented his country at youth and senior levels, committed his future to Wits by extending his stay to another three years.
Tyson joined the Clever Boys from Ajax Cape Town ahead of the 2014/15 season.
He was linked with Pirates, but he moved to Wits after signing a pre-contract with the Clever Boys in January 2014.