Earlier last month Sekhukhune announced MacDonald Makhubedu as their new coach and moved Ferreira to the position of director of football.
However, Ferreira tendered his resignation at Sekhukhune on Wednesday, with the club confirming his departure.
The experienced coach was then seen among Polokwane City's hierarchy during Wednesday night's 2-0 Nedbank Cup win over Steenberg United.
"I saw Ferreira at the game today," an insider at Rise Shine reveals.
"Johnny Ferreira was there when the club beat Stellies. It seems he is the new coach. I saw him in the stands and also at the club offices. When the bus dropped players at the offices he was also there."
snl24.com/kickoff sources have also confirmed that Ferreira will be the new head coach.
The 63-year-old will be tasked with moving the team up the league table from their current position of 11th after 11 matches.