Club boss Siviwe Chippa Mpengesi is delighted to have Mayambela back as he is confident he will impress on his return.
"We are delighted to have him back in Port Elizabeth to finish what he started," Mpengesi told his club's website.
Mayambela, 29, left Chippa for SuperSport midway through the 2015/16 season.
"The club has grown since Mark left and we have different objectives now," he continued.
"We have no doubt that he will add value to th growth of the brand, on and off the field," Mpengesi concluded.