Dikwena tsa Meetse were relegated last season after ending in 15th place on the standings and falling to Milford FC in the relegation/promotion play-offs.
Chipezeze joined Magesi in 2022, after leaving Baroka following their relegation from the South African top-flight.
He helped the club win promotion in the 2023/24 season and played a key role in Magesi 2024 Carling Knockout Cup triumph.
“Personally, things didn't go well in the Premiership. I wanted the team to stay in the top flight, but that's another challenge on its own. I like challenges, it was my decision to go another year and try to create good memories, and that's my reason,” Chipezeze said in the Sowetan.
The Zimbabwean international added: "At the end of the day, we just have to make sure that as a football club we push together — because we didn't do well in the Betway Premiership and things like this always happen.
"We just have to focus and try to build the club and make sure it goes back to where it belongs. Participating in the Motsepe Foundation [Championship], we know it is going to be difficult mentally and physically, and we need to be prepared for that.
“It's exciting times. We just have to be patient and take it one game at a time. We have to forget about the past. We are starting on a clean slate now and we just have to stay positive and be patient.”