Baroka last week announced the departure of Khumalo after he served a single season as a technical director/caretaker coach at the club.
Bakgaga say financial reasons prompted the exit of Khumalo, which followed shortly after the appointment of his former Amakhosi teammate Wedson Nyirenda as their new head coach.
Khumalo, who surprisingly left Chiefs ahead of 2017/18 after serving them for 31 years as a player and coach, declined to discuss his future on the sidelines of the Siyabonga Sangweni Festival in uMfolozi this past weekend.
"No, no, sharp, sharp gents," was all Khumalo would say as he walked away.
Khumalo has naturally been linked with a return to the Glamour Boys given his long association with the Soweto giants, who are still without a head coach following Steve Komphela's resignation in April.
Patrick Mabedi is running Chiefs' pre-season in an interim capacity.