Harry Redknapp hopes Pompey can be third time lucky in landing Sulley Muntari. Udinese are ready to drop their asking price for Ghana's attacking midfielder, who is still wanted by the Blues.
Redknapp has not signed Muntari during the past two transfer windows because of the Italian club's over-inflated £10m asking price.
But the Pompey manager revealed a more reasonable fee could reignite the deal for a player who had a trial at Manchester United as a teenager.
And reports in Italy say Udinese are ready to drop the amount they want to around £6m.
Redknapp remains a big admirer of the 22-year-old, who first caught his eye at last summer's World Cup, scoring against the Czech Republic.
Pompey's boss said: 'I still like Muntari. He's a good player. It just depends on how much money he would cost us.'
Udinese sports chief Roberto Zanzi admitted Muntari was likely to be sold in the summer.
He said: 'Muntari is a player we believe in, but we will consider offers in the near future.
'Portsmouth were very interested in him in January.'
Stefano Antonelli, Muntari's agent, has told the Italian press the player fancies a move to Roma if he stays in Italy.
Inter Milan are also said to be keen, but Muntari's first wish is a switch to the Premiership.
Redknapp would have to curb Muntari's fiery streak, however.
The Black Stars midfielder has been sent off an astonishing three times for Udinese this season – on top of seven bookings.