No. Ottoman is a corruption of O'thman. Both are Arabic names that originate from two templates ع ث م and س ل م. The template of O'thman means to loosely put something together and O'thman is called Ism Al Fa'il meaning it's the equivilent of adding "-er" to verbs in English to make them into nouns (write -> writer, read->reader). O'thman itself means baby chick of a snake. Now the template for Salman means to obey, sublime, etc and the name itself means he who obeys, sublimes, etc.
Ottoman was itself a corruption of Othman, which was the ruling dynasty of the Ottoman Empire.
1580s (n.), c. 1600 (adj.), from French Ottoman, from Italian Ottomano, from Arabic 'Uthmani "of or belonging to 'Uthman," Arabic masc. proper name, which in Turkish is pronounced Othman (see Osmanli), name of the founder of the dynasty and empire. Ending altered in Italian by formation of a new false singular, because -i was a plural inflection in Italian. Byron used the more correct form Othman, and a few writers have followed him. The type of couch so called (1806) because one reclined on it, which was associated with Eastern customs (see couch).