The Englishman's future at Naturena has been the subject of intense speculation since the end of the season, which saw the tactician oversee a Premiership and MTN8 double.
Baxter himself had earlier revealed their are "serious issues" at Chiefs he is unhappy with, despite having secured two league titles, the Nedbank Cup and the Wafa Wafa title in his three years in Soweto.
The 61-year-old has since been strongly linked with a move to Turkey, while there is also believed to be interest from the United Kingdom.