The 33-year-old from Cape Town has been with Pirates since the 2015/16 season. His best period with Bucs came in the 2017/18 and 2019/19 campaigns, when he scored a combined nine league goals.
On his day Memela is a class act and popular with the fans, but last season, however, he failed to score at all in 16 Absa Premiership and two cup outings.
It's now unclear if he still has a future with the Sea Robbers, as negotiations appear to have hit a stumbling block.
"Meanwhile, the Club is still in talks with 33-year old Luvuyo Memela over extending his stay at the Club, however the two parties are yet to reach an agreement," read a statement on the Pirates website.
The Buccaneers have also been fairly busy in the transfer market, bringing in the likes of Wayde Jooste (Highlands Park), Thabang Monare, Thulani Hlatshwayo, Deon Hotto, Terrence Dzvukamanja (all Bidvest Wits) and Collins Makgaka (Baroka FC).
Hotto, Makgaka, Jooste and Dzvukamanja are all creative attacking players who could potentially keep Memela sidelined.
On the flip side, the Soweto side has released attack-minded players such as Augustine Mulenga, Justin Shonga, Meshack Maphangule and Augustine Mahlonoko.
In other club news, Pirates have confirmed the departure of goalkeeper Joris Delle, while talks with Maritzburg keeper Richard Ofori continue to drag on.
"After spending a year in South Africa, Delle has submitted a request in writing citing his inability to adjust to his new surroundings and wants to return to Europe," an earlier statement confirmed.
"The club met the player this morning and has acceded the 30-year old's request."
Meanwhile, defender Ntsikelelo Nyauza, 30, has signed a three-year contract extension.