Masuluke earned global attention when he was shortlisted for the Puskas Award in 2017 for a bicyle-kick goal against Orlando Pirates, eventually losing out on honours to French striker Olivier Giroud.
However, his fortunes waned afterwards as he was released by Bakgaga for disciplinary reasons in February this year and then failed to convince Kaizer Chiefs to hand him a deal following a trial at Naturena.
Also set to join Masuluke at the Mpumalanga-based club are Swaziland internationals Sandile Hlatjwako and Sanele Mkweli.
Sporting manager Bheki Nkosi confirmed Masuluke has put pen to paper.
"Yes, Oscarine is now our player. We have also signed Bafana Sibeko," Nkosi told snl24.com/kickoff.
Sporting are set to use Kabokweni Stadium as their home ground in their maiden campaign in the second tier.