Pompey have slapped a £800,000 price tag on Erik Huseklepp’s head.
The Blues are prepared to take a big loss on the man they signed for £2m just last summer.
Huseklepp’s former side in Norway, SK Brann, are keen to take the 27-year-old back to his homeland
But administrator Trevor Birch has yet to hear anything firm from the Norwegians, as they bide their time over a move.
Pompey know they are not in position of power when it comes to selling players with the club in administration.
Birch faces a fight to generate cash to keep the club afloat and slash the £9.5m wage bill to make the Blues a more viable proposition for a new owner.
And that means selling players for less than their market values.
Last week, Joel Ward moved to Crystal Palace in a deal worth around £450,000.
Huseklepp has returned to Pompey after his loan stint at Birmingham came to an end.
The striker played 84 minutes for his country in their 1-1 draw with Croatia on Saturday.