Benjani is set to return to South Africa to finish his career.
The Pompey favourite is on the brink of agreeing a move to Bidvest Wits after being released by Michael Appleton.
The Johannesburg-based side have been given a large cash injection by investors.
And they are using that to lure the striker back to the city where he had his first significant impact in the game at Jomo Cosmos.
Bidvest Wits coach Roger Da Sa has indicated a deal is now close to being wrapped up for the striker.
Benjani made 17 appearances, scoring one goal, after returning to Fratton Park last season.
The 33-year-old was a big success in his first spell at the club when signing from Auxerre for £4.4m in 2006, netting 19 goals in 77 appearances.