Pinnacle group were planning to buy the English second division side, and the Dutchman was convinced that he will be replaced once a takeover of the club is completed.
After verbally agreeing a deal with the Dervishes, Wotte was expected to arrive to Egypt on July 1st, but a rejection to Pinnacle's bid changed his mind.
"To be honest I booked my flight to Egypt for July 1 but when the Pinnacle group pulled out it changed everything," Wotte told the Daily Echo.
"I was ready to leave - not because I didn't like Southampton, I really wanted to stay, but for my pride I didn't want to continue preparing the team for somebody else."
It is reported that Pinnacle wanted to hire former Southampton legend Matthew Le Tissier as new coach once they assume full control of the club.
Ismaili are still in the hunt for a new foreign coach to lead the club into the upcoming season.