The former Kaizer Chiefs midfielder is set to turn 38 next week Tuesday, joining the likes Polokwane City midfielder Jabu Maluleke and AmaZulu goalkeeper Moeneeb Josephs amongst the PSL's oldest players.
Josephs remains the oldest registered player at 40 years old.
Lions of the North director Brad Kaftel reveals the club is also looking to extend midfielder Musa Nyatama's contract at the end of the season.
Nyatama joined the Gauteng-based side on a short term contract after being released by Orlando Pirates in January.
"We haven't negotiated yet because we have been in lockdown, it's been difficult," says Kaftel.
"Both [Letsholonyane and Nyatama] are quality players. Both are fantastic guys and definitely in our plans.
"But we have to engage them and their agents and see if we can do a proper deal and everyone is happy about it. Both are great guys, great players. They are in our plans."
Highlands have already released Tendai Ndoro and Enocent Mkhabela before the end of the season.