Khune is believed to be headed overseas although it is unclear exactly which country he will be moving to.
Itumeleng Khune on the way out
The keeper is far from the only player set to leave Amakhosi at the end of the current term with a number of other players set to be released.
Left back Philani Zulu is out of contract and set to leave with Swallows a likely destination for the 28-year-old.
Midfielder Dumisani Zuma looks to have also reached the end of his time with the club having failed to break into the first team on a regular basis.
“Khune, Zulu and Zuma are not returning to Chiefs next season. Khune is going overseas,” an unnamed source told KickOff.com.
Kaizer Chiefs wield the axe
A further half a dozen players will be given until the end of the season to prove they deserve a place at the Soweto Giants going forward.
The players represent a list of the usual suspects when it comes to getting stick from the Amakhosi faithful.
Bernard Parker, Lebogang Manyama, Willard Katsande, Siphosakhe Ntiya-Ntiya, Kgotso Moleko and Lazarous Kambole.
“Parker, Manyama, Ntiya-Ntiya, Katsande, Moleko, Kambole are on the list but could survive depending on their performances during the remaining games,” the source added.
Kaizer Chiefs have been carrying a lot of dead weight in their squad this term and management will be eager to refresh the group to give more options to the head coach.