Molefe spent last season on loan at Leicesterford City in the Motsepe Foundation Championship in a bid to gain regular first-team football after finding opportunities limited in the Amakhosi senior squad.
Following the conclusion of his loan spell, the academy graduate has returned to Chiefs and was among the players present to welcome newly appointed coach Fernando da Cruz to the club's Naturena headquarters.
The public broadcaster has now established that Molefe has signed a fresh long-term deal, underlining the club's confidence in his long-term potential.
Having joined Chiefs' development structures in 2019, Molefe has long been regarded as one of the club's brightest goalkeeping prospects and continues to be viewed as a key part of the future.
The lanky shot stopper has progressed through the ranks under several coaching regimes, dating back to the latter stages of Itumeleng Khune's illustrious career.
The new contract comes as Chiefs bolster their goalkeeping department ahead of the new season with the Soweto giants winning the race to sign Renaldo Leaner on a free transfer after his departure from Sekhukhune United.
Leaner's move to Amakhosi means Molefe will compete with Bruce Bvuma, Brandon Petersen, Fiacre Ntwari and the Bafana Bafana goalkeeper for a place in Da Cruz's plans.
Despite the increased competition, Chiefs' decision to extend Molefe's stay signals they still believe he has the qualities to become the club's long-term number one.