Magqwaka joined SuperSport United on a six month loan in January but Matsatsantsa decided against signing him permanently, after he made only two appearances for the Tshwane side, against Sundowns and AmaZulu in May.
And the 19 year-old has since returned to the Mother City.
“I am still back at Ajax, but I haven’t been training with Ajax,” said Magwaka.
“I don’t know if anything will happen,” he said of a potential move to another club.
“I am prepared for anything, if I have to move I will move and if I have to play for Ajax, I will play.”
In the meantime, Magqwaka is with Owen Da Gama’s South Africa Under-23 squad as they begin preparations for their 2016 Olympic qualifiying first leg match against Zimbabwe in Harare on July 19.
If Bafana can beat Zimbabwe over two legs they will make it to the final Olympic qualifying tournament in Senegal later this year.
“It is a very big competition, we have to go and play and qualify. We have a very tough game coming up against Zimbabwe. It is good to be back with the boys, we are starting to build up to that game, it is a new squad with lots of players from different places and different clubs,” said Magqwaka.
“I think at Under-23 level the Olympics is the highest level you can get to, it is like an Under-23 World Cup. Some of the greatest players in the country have played there, like Benni McCarthy.”
South Africa were due to play a friendly against Free State Stars in Benoni at 11am on Friday morning.