Former Pompey captain Sol Campbell is in talks with Oxford over their vacant managerial position, according to Sky Sports.
Campbell, who lifted the FA Cup for the Blues in 2008, has reportedly held discussions with the League One side following their sacking of Pep Clotet last month.
Oxford currently sit 10th in the table - two points behind the Blues.
If Campbell takes charge at the Kassam Stadium, he will return to his old stomping ground when the U's visit Fratton Park on March 25 - a match that will be shown live on Sky Sports.
The former England captain made 115 appearances for Pompey during their Premier League years.
He returned to Fratton Park in December for the first time since his summer 2009 departure.
The 43-year-old was Eric Eisner’s guest in the directors’ box and saw Kenny Jackett’s Pompey beat Bury 1-0.
Speaking to The News at the time, Campbell declared his desire to return to Pompey – in a coaching capacity.
He said he was eager to get back into the game following a successful period as Trinidad & Tobago’s assistant coach.