The News understands the Blues have offered the influential centre-back a new contract, with his current deal set to expire next month.
However, negotiations still have a distance to travel – with the 29-year-old currently on holiday.
At present, the ex-Lincoln man’s agent has been tasked with speaking with the club's hierarchy to seal the perfect deal for him.
Raggett is then hoping to conclude and finalise proceedings upon his arrival back in the UK, ahead of pre-season training on June 20.
Since the end of the season, Danny Cowley’s focus has been on his out-of-contract contingent, as he bids for continuity before the transfer window opens on June 10.
This has seen extension clauses in Marcus Harness, Louis Thompson and Jay Mingi’s deals triggered, while The News believes Jayden Reid will soon follow suit.
However, the Fratton chief was unable to take up Raggett’s option this month – due to Pompey having to reach the Championship to do so.
And with failure to gain promotion in 2021-22, the PO4 outfit had to open fresh conversations to prolong his three-year stay.
Despite this, the 2021-22 The News/Sports Mail Player of the Seasonis hoping to remain in royal blue, as he looks to achieve his goal of reaching the second tier with the club.
But Raggett is, understandably, also taking his time to mull over the Blues’ initial offer, while potentially examining what else is out there for him.
This also coincides with the fans’ favourite taking a much needed break from football, after playing every league game, bar one, this season.
If a deal can’t be struck before Saturday’s ‘retained list’ deadline, there is no need to panic – as negotiations can continue long after May 21.
It’s expected that the futures of the defender, and Michael Jacobs, will be decided past the weekend, with the latter also offered a new contract.
Similarly to Raggett, the winger’s option wasn’t exercised - instead an incentive-based deal was placed on the table.
Regardless if they stay or go, this summer is gearing up to be another of change for Pompey – with five loanees departing and seven players potentially leaving for free.
Aiden O’Brien, Shaun Williams, Ollie Webber and Reeco Hackett’s future’s remain uncertain, while Cowley is hoping to bring George Hirst and Hayden Carter back to the south coast.