Sections of the Dutch media are saying Wotte is taking over at Egyptian side Ismaily amid speculation Keegan is poised to return to management with Saints.
Keegan was on Thursday photographed supposedly in talks with Matt Le Tissier, who is backing the Pinnacle consortium which is close
to buying the troubled club.
Pinnacle are thought to want to hire an English manager once they complete their takeover, but no decision is expected until next week.
But according to Southampton, as things stand Dutchman Wotte remains at the club.
Wotte's deal as manager expires at the end of the month, although he has an ongoing contract within the club's Academy.