Espanyol have agreed a release package with Steve Finnan which paves the way for the full-back to return to England.
Portsmouth are looking for a replacement for Glen Johnson, who joined Liverpool recently, with manager Paul Hart admitting they were interested in the Republic of Ireland international.
Hart told The News: "We are interested in Finnan and are hoping something can happen on that one soon. There are a few things need clearing up. That's all I want to say right now."
Finnan joined the Barcelona-based club on September 1, 2008 but failed to make an impact in the Primera Division after being struck down by a series of nagging injuries.
He signed a contract until 2010 but the two parties have agreed to an early termination.
It is expected the 33-year-old will now sign for a Barclays Premier League club with Portsmouth the most likely destination.
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