Baxter has not spoken with the South African Football Association (Safa) officials about his future.
He has worked for the South African Football Association since 1993, culminating with his appointment as national coach two years ago.
The South African Football Association (Safa) dismissed Mashaba on Thursday, saying the outspoken coach had failed to remedy the alleged breaches.
BBC: SPORT | Football | African Cup of Nations | Mashaba suspension overturned
The deal was concluded in Rio de Janeiro after talks between Parreira and a delegation from the South African Football Association (SAFA).
As well as running Orlando Pirates, Khoza is also a vice-president in the South African Football Association and chairman of the Premier Soccer League.
Also left out is striker Benni McCarthy, who has not been picked since refusing to sign a commercial contract with the South African Football Association.
The South African Football Association's (Safa) Chief Executive Officer Albert Mokoena confirmed that he had already received 12 applications and CV's for the job from all over the world.
BBC: SPORT | Football | African | Applications flood in for SA job
The president of the South African Football Association was suspended in December ahead of an investigation into match-fixing in the country prior to it hosting the 2010 World Cup.
CNN: Match-fixing threatens 'integrity of football in Europe'
Capello was joined on the inspection by Fifa secretary general Jerome Valcke, South Africa 2010 chief executive Danny Jordaan, South African Football Association president Kirsten Nematandani and African Football Confederation president Issa Hayatou.
Elsewhere, the president of the South African Football Association (SAFA) and four other officials were suspended this week as part of an investigation into match-fixing ahead of the country hosting the FIFA World Cup in 2010.
Elsewhere, the president of the South African Football Association (SAFA) and four other officials were suspended in December as part of an investigation into match-fixing ahead of the country hosting the FIFA World Cup in 2010.
Baxter is Bafana Bafana's eleventh coach in a decade but he said that he will not allow the South African Football Association's (Safa) high turnover of managers to distract him from his immediate task of restoring the country's football reputation.
BBC: SPORT | Football | African | SA coach ready for challenge
Peeters, who is the president of the Belgian Football Association, said that this proved the whole of the South African nation is behind the bid.
BBC: SPORT | Football | African | Fifa team wraps up SA visit
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