Mahlambi became the first South African to complete a move to Egypt in September last year, after penning a four-year deal with the Red Devils.
However, the 20-year-old has managed two assists in just two starts and five substitute appearances in his first six months at the club, often playing second fiddle to the more experienced contingent in the squad.
Mahlambi has since been left out of Al Ahly's 22-man CAF Champions League squad, hinting at his possible departure.
Now, sources close to the seven-time African champions, have indicated that the former Bidvest Wits forward has been linked with a loan move to Saudi Arabia or a return to the PSL until the end of the 2017/18 campaign.
"Al Ahly could be signing a more experienced player in Mahlambi's position in the coming days, and so he could be loaned out until the end of the season," says the source.
The player's agent Glyn Binkin has confirmed a possible move, but assured that Mahlambi remains in the plans of coach Hossam El-Badry.
"Yes, there is a possibility that Phakamani could go out on loan, but it is only for him to get game-time and gain more experience," Binking tells this website.
"The coach still has great admiration for him, and he remains in the club's plans for the future."
Mamelodi Sundowns coach Pitso Mosimane has previously admitted his admiration for the speedy attacker, and could look to enter the race to land the youngster.