The talented 27-year-old midfielder is on the search for a new club after parting ways with Mamelodi Sundowns following the expiry of his contract last month.
The former SuperSport United player spent last season on loan with Sekhukhune United, where he played 17 games, scoring two goals and creating three.
Amakhosi are busy preparing their squad for the upcoming 2025/26 Betway Premiership season and were reported to be interested in the player, who also played 51 matches for Sundowns, 101 times for SuperSport, and who has four Bafana Bafana caps.
Makaab told FARPost: "I don't know where the talks that Sipho Mbule is going to Kaizer Chiefs are coming from. All I can tell you is that the rumours are not true.
“As I said, there hasn't been any formal approach from any team about the services of Mbule. So we'll look at all the best possible options to get him a club.”