The Brazilians are already in the rebuilding phase ahead of next season and decided not to retain the duo's services, whose contracts expired at the end of May.
Coetzee joined Sundowns from Ajax Cape Town in 2017 and was tipped for a bright future, only to see injuries somewhat curtail his career.
He made just eight appearances in all competitions last season and leaves Downs after 133 matches, two goals and six assists.
Mbule, who was signed from SuperSport in 2022, meanwhile, spent last season on loan at Sekhukhune United, and could make a return Babina Noko for the upcoming campaign.
Makaab told Gagasi FM: "What I can tell you that there were a number of players that we represent who Sundowns options on, and the majority of those have been exercised.
"However, the players who have not been exercised are Rivaldo Coetzee and Sipho Mbule.
"As of the first of June both players are free to join a club of their choice."
Orlando Pirates winger Monnapule Saleng was a serious target for Egyptian giants Al Ahly, it has been confirmed - months after his mysterious absence from the Buccaneers' matchday squads first sparked transfer speculation.
SuperSport United CEO Stan Matthews admits talk of the sale of the Betway Premiership club was a major disruption this past season.
Despite Abdeslam Ouaddou announcing his exit from Marumo Gallants last week, the Betway Premiership club say they have received no official confirmation from the coach.
Former Orlando Pirates winger Daine Klate has pointed to a stark difference in recruitment strategies as a key reason behind Mamelodi Sundowns' continued dominance.
