Akpeyi arrived in the country in 2015, which means he would have completed a five-year stay in South Africa at the end of the current campaign.
The 33-year-old signed for Chippa United from Warri Rovers, before joining Amakhosi in January 2018 after Itumeleng Khune got injured.
Akpeyi managed to keep the No.1 shirt at the club, relegating Khune to the bench, especially this season.
However, for the Soweto giants to use the space left in their foreign quota, they would have to win their appeal against the two-window transfer ban imposed by FIFA in February this year.
With Akpeyi set to be registered as a local player, Chiefs will be able to register a foreign international.