The Blues are poised to offer Peter Crouch £75,000 a week to tempt him into making an £8m move from Liverpool.
And they are prepared to spoil Southampton's survival party by stealing another long-time target – Nathan Dyer.
The pacy winger is out of contract in the summer and yet to agree on a new deal with the Championship side.
And that has alerted Pompey, who are set to raid their local rivals for a second-successive year following Martin Cranie's arrival last term.
Assistant manager Tony Adams watched Dyer several times in the first half of the campaign.
Knee ligament damage in December restricted him to just two more matches during the remainder of the season.
But that hasn't cooled Pompey's interest in the 20-year-old, with Harry Redknapp desperate to strengthen wide areas.
However, despite being a free agent, the Blues would have to pay Southampton compensation, with Dyer having come through their ranks.
Meanwhile, Crouch failed to even make the bench in Liverpool's 1-0 victory over Manchester City on Sunday.
The 27-year-old was missing from the traditional lap of honour afterwards, despite making 36 Reds appearances this season.
Redknapp has made no secret of his desire to bring the England striker back to the south coast.
Crouch is seen as the perfect foil to Jermain Defoe, with the Blues' strikeforce in desperate need of strengthening for next season. Pompey want to make Crouch one of their top earners to tempt him back.
The former QPR man initially left Fratton Park in March 2002 after 19 goals in 39 games for Graham Rix's side.
Since then he has established himself as an England international and one of the leading strikers in the Premier League.
For Redknapp it will be a reunion with a duo who both played under him at St Mary's.
He gave Dyer his debut in a Carling Cup clash with Southend in August 2005 and helped resurrect Crouch's career.
Dyer hit the headlines for the wrong reasons in March over the allegation of thefts at the Bar Bluu nightclub in Southsea.
Saints team-mate Bradley Wright-Phillips was also allegedly present and the pair have been released on police bail until June 17.

The full article contains 392 words and appears in n/a newspaper.