Archer has smashed in 10 goals in the Carabao Cup and EFL Trophy this term, and is seen as one of the crown jewels in an exciting batch of emerging talent at Villa Park.
The 20-year-old signed a new deal until 2024 last month, with it appearing a loan move may be the next step for his development.
And talkSPORT transfer guru, Alex Crook, has reported Pompey are among a swathe of sides battling to land Archer this month.
Danny Cowley has prioritised a front man in January, and now has some cash to finance loan moves with Ellis Harrison moving to Fleetwood on Saturday.
Cowley will need to free up some space among his loans, with the head coach keen not to have more than five temporary additions in his ranks.
Mahlon Romeo, Gavin Bazunu, Gassan Ahadme, Miguel Azeez and George Hirst are the current Pompey loanees.
Ahadme is expected to leave this month, with a number of clubs interested in securing the Norwich City man’s services.
Romeo and Bazunu are expected to stay at PO4, with there no January recall for the Millwall defender in his agreement and Manchester City happy with how the Republic of Ireland international is developing.
It remains to be seen what the immediate future holds for Arsenal’s Miguel Azeez and Leicester’s George Hirst.
Azeez has made four league starts amid 10 appearances to date, while Hirst’s form has accelerated over the past couple of months after failing to make an early impression.
A message from the Editor, Mark Waldron
Get 30 per cent off our sport subscription, which gives readers unlimited access to all our Pompey and grassroots coverage for just 9p a day, by using the promo code JanSports30. The deal expires at midnight on January 31.