As of today, Splunk does not be designed for Python log rotation since to support python log rotation some design level changes are required and that cannot be done in maintenance releases. If you force to configure it, SplunkWed won't start correctly once you restart Splunk instance. Also you will see following error in web_services.log.
2017-04-04 15:56:02,928 ERROR [58e34382a0701d2955c0] root:814 - 'module' object has no attribute '10'
Traceback (most recent call last):
File "C:\Program Files\Splunk\Python-2.7\Lib\site-packages\splunk\appserver\mrsparkle\root.py", line 90, in <module>
splunk.setupSplunkLogger(logger, LOGGING_DEFAULT_CONFIG_FILE, LOGGING_LOCAL_CONFIG_FILE, LOGGING_STANZA_NAME)
File "C:\Program Files\Splunk\Python-2.7\Lib\site-packages\splunk\__init__.py", line 154, in setupSplunkLogger
logging.getLogger(loggerName).setLevel(getattr(logging, level))
AttributeError: 'module' object has no attribute '10'
If you need this feature, you can open a new support case as an Enhancement Request.
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