Soakai said from South Africa last night he was mulling over his future as a rugby player in New Zealand but had not yet decided where his future lay.
Auckland had made him an offer, as had Otago.
He had intended to go overseas at some time but had made no decision in that direction.
"I'm sort of weighing up how things are and what and where I head to. I've also got my partner's considerations to think of," Soakai said.
"I'm Auckland born and bred, so I have some links up there. But there are a few things around, so nothing has been decided upon. There is still definitely a chance I will stay with Otago."
He had no firm offer from an overseas club.
Otago Rugby Football Union chief executive Richard Reid said an offer had been made to Soakai and he was waiting to hear back from him.
Soakai, who will play his 34th game for the Highlanders against the Cheetahs on Sunday morning, would be a huge loss for Otago.
Not only is he the captain but the openside flanker is also one of its best and most experienced players.
His partner is Otago netball captain and New Zealand volleyball captain Debbie Hill.
Soakai (26) may be wavering over his future with Otago but one player walking out the door is No 8 Steven Setephano.
Reid said the union made an offer to Setephano before Christmas and it was initially accepted.
But Setephano (25) told the union after Christmas he had reconsidered.
He would not be taking up the offer and would be looking elsewhere.
Setephano has played 20 games for Otago in two seasons, and 22 matches for the Highlanders.
He is believed to be returning to the Waikato region.
The Highlanders have made a couple of key positional changes in the side to take on the Cheetahs.
Adam Thomson moves to No 8 and John Hardie gets his first start at this level on the blindside flank, while Setephano drops out of the squad.
In the backs, Jason Shoemark moves in one place to second five-eighth, while Southland centre Kendrick Lynn gets a start after overcoming a niggling groin injury.
Jayden Hayward drops out of the team.
Fetu'u Vainikolo comes into the left wing for James Paterson.
The Cheetahs have named a team unchanged from that which beat the Sharks 25-20 in Durban last weekend.
