According to reports in both Rugbypass and Afrikaans publication Rapport, Arendse's performances during his stint with the Mitsubishi Sagamihara DynaBoars last season attracted interest from several Japanese clubs.
That spell came via a sabbatical clause in his Bulls contract, but the report indicates he is now likely to depart Loftus Versfeld for good, with a return to the DynaBoars the most likely outcome.
One of the most lethal finishers in world rugby, Arendse has scored 23 tries in 30 Tests for the Springboks - the best try-scoring ratio in the modern era among players with at least 10 Test tries. Only Springbok legend Danie Gerber boasts a superior strike rate, with 19 tries in 24 Tests.
Despite his world-class status, Rapport notes that the Bulls are weighing up their options, particularly given Arendse's limited availability due to international commitments.
It is understood that Johan Ackermann has decided not to offer him a new deal, as the winger would be hardly available in 2027 with the World Cup on the horizon.
Arendse has featured just three times in the URC this season for the Pretoria outfit, along with a single Champions Cup appearance against Pau, and his game time is expected to be even more limited next season.
Arendse may not be the only high-profile departure from Loftus. The report claims Glasgow Warriors are lining up a move for centre David Kriel. While other clubs are also believed to be interested, the Bulls have made retaining Kriel a priority.
"The message from the Bulls is that they will do everything in their power to keep Kriel," Rapport stated.
Kriel has been a consistent performer for the Pretoria-based side in recent seasons, though his form has yet to be rewarded with a call-up to Rassie Erasmus' Springbok squad.