In January the attacking midfielder joined Rise and Shine from Kaizer Chiefs on a six-month loan deal that expired at the same time as his contract with the Soweto giants.
According to the Limpopo side's chief operations officer Tiny Tema, the player has agreed to go down with the club to the second tier.
"Yes, Mahlasela is staying. He's good... remember he has a contract," Tema tells snl24.com/kickoff.
"We are still going to come back to you guys about how we are going to work with the other players going forward."
Since joining in January, Mahlasela has made only six appearances for Polokwane in all competitions.
Abednego Mosiatlhaga (Ajax Cape Town)
Khanyisa Mayo (Richards Bay)
Decide Chauke (TS Sporting)
Thembisani Nevhulamba (TTM)
Chawanangwa Kawonga (TS Sporting)