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The former Bafana Bafana defender, 34, had hoped to win an extension to his contract at Chloorkop after almost completing his rehabilitation from a knee injury which wrecked the end of his season.
But after re-signing from Russian club Krylia Sovetov in 2009, Booth is now discussing his options and his agent Paul Mitchell expects him to join a new club next week.
However, he refused to confirm whether it would be with home-town club Santos.
"There's nothing signed just now but we hope we will have something sorted by next week," Mitchell told Football365.co.za.
"We're talking to a couple of clubs and Santos has been mentioned but at this stage I can't reveal anything.
"Matthew is still very much in demand because he is a good player. His clean sheets record at Sundowns speaks for itself.
"He still thinks he can play for at least another two years."
Having originally signed for the Brazilians in 1998 from Cape Town Spurs, Booth was part of the team that went on to win three successive PSL titles.
After captaining the Amaglug-glug side at the 2000 Olympics in Sydney, he spent seven years in Russia before returning home to join Sundowns and was a crucial part of the team's defence until he was injured against Bidvest Wits back on February 26.
But despite his setback, Mitchell revealed the veteran could be back in action in time for the start of the new season.
"He's running already so that is a good sign. Matthew is just concentrating on getting a new club now and is doing very well in rehabilitation so we expect him to be back playing by the end of August," he added.
"It's just one of those decisions that has been taken by Sundowns so his contract will end on June 30th."
