The left-back has not been able to find a team since he was released at the end of last season by Free State Stars following their relegation to the GladAfrica Championship.
Phungwayo recently turned down two Mpumalanga teams in Mbombela United and TS Sporting after failing to agree financial terms.
"At the moment I'm here in Jozi you know, I train on my own," Phungwayo tells snl24.com/kickoff.
"Of course sometimes I keep fit with Baberwa because their CEO is like a father to me, so I just train there.
"There was something that was supposed to happen during the holidays but we didn't agree when it came to money.
"Currently there is potential but you know how clubs are, they wait until the last minute. At the moment I'm still looking."