The Zimbabwe international, who has also been linked with Cape Town City, looks set to leave the Brazilians at the end of the season.
Billiat's contract expires in June next year and he's yet to commit to a new deal with Sundowns.
The latest reports have indicated that Chiefs and Pirates are leading the race for the accomplished forward's signature ahead of the January Transfer Window.
Chiefs and Pirates are expected to reinforce their striking department next month as they continue to struggle to score goals this season.
The two Soweto giants are said to have identified Billiat as a prime target. The forward has netted three goals in five PSL starts for the Brazilians this season.
It is believed that Sundowns are likely to sell the 2015/16 PSL Player of the Season to the highest bidder next month.
Billiat,27, was linked with an unnamed Saudi Arabian club prior to the start of the current season.