It was reported last week the two clubs and player had agreed terms, with Leopards allowed to retain Nkhatha's services for one last match, the 3-2 Confederations Cup defeat to Al Merreikh.
However, Motaung has now revealed an agreement has not been reached, but that Chiefs will continue to pursue Nkhatha's signature.
"We will continue to engage Leopards over the services of Nkhatha. It's true that we have not signed any deal with them but we will continue to engage them," Motaung told The Sowetan.
Meanwhile, Leopards' boss David Thidiela reiterated Motaung's stance, saying: "We have not finalised any deal with Chiefs and hence we took Nkhatha along with us to Sudan. He played in the first half."