The Evening Standard in London reported earlier this week that Randell had agreed in principle to a deal with Saracens.
However, Randell's lawyer, Warren Alcock, confirmed on Thursday that while there had been plenty of interest shown in the Highlanders No.8, he had yet to sign with any club.
Randell is also currently under contract with the New Zealand Rugby Football Union (NZRFU) until Monday, August 25, when the All Black World Cup squad is due to be announced.
"We've got some options but he has not signed a contract yet," Alcock told the New Zealand Press Association.
"Saracens, an English club, is certainly one of the options and may well be the preferred option."
Randell, who captained New Zealand at the 1999 World Cup, and is the current Highlanders skipper, has not been included in Otago's NPC squad. Also, All Black coach John Mitchell does not seem overly keen on his services either, with a host of loose forwards currently ahead of him in the All Black pecking order.
Alcock said earlier in the week that Randell's decision, regardless of whether he was leaving or staying, would be made shortly.
"What course he takes will be known relatively soon."
It is widely expected however that Randell will be leaving New Zealand for abroad after his home in Dunedin was recently put on the market and his wife, Jo Edwards, resigned from her job.