Mathamela has been in discussions over the purchase of the Eldorado Park-based side after his own team were relegated from the National First Division, sources involved in the deal said.
Last year the millionaire businessman, who made his fortune in the security and transport sector, bought Nathi Lions and managed to get the club's name changed and relocated it from Durban to Tembisa.
But his Atlie team finished at the bottom of the NFD after a flurry of coaching changes, including Styles Phumo, Conti Khubeka, Sello Chokoe and Mlungisi Ngubane.
Jerry Sikhosana is being lined up to lead the new team.
The club will be coached by former Bucs skipper Dan Malesela and the players have already moved to the capital. But the sale is yet to be approved by the PSL.