The future of Cortese appears to be in the balance amid rumours he is ready to walk away from St Mary's due to the differences he still has with the club's owner Katharina Liebherr.
Reports emerged on Tuesday that Cortese was once again considering stepping down having made a similar threat last May following a dispute with the Liebherr estate.
At the time manager Mauricio Pochettino said he would also leave if Cortese stepped down and there are fresh fears the Argentinian is ready to walk away if his friend in the boardroom decides to quit.
Speculation on Wednesday stated Cortese had told the Saints board he intended to resign but the local paper, the Daily Echo, claims those reports are wide of the mark and that the Italian remains at the club for now.
However, the same sources who say Cortese hasn't handed in his resignation yet are also reporting that there will be no reconciliation between the chairman and the owner, claiming it is only a matter of time before he goes.