Watkins will lead the British team through to the 2016 Olympic and Paralympic Games in Rio de Janeiro, reports Xinhua.
He will not be involved in discussions regarding the appointment of Great Britain's new head coach or performance director.
However, Watkins will be responsible for ensuring the recommendations of the review panel are carried out.
British swimmers had a disappointing performance at the London Olympics winning only three medals. Their performance director Michael Scott and head coach Dennis Pursley both resigned after missing their London 2012 medal target.
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