The News understands the Blues talisman has not received new terms, as he becomes a free agent this summer.
Jacobs is one of the 12 players who are out of contract, with Danny Cowley facing another busy period reshaping his squad.
Pompey will take up options on four of those players to extend their current agreements.
Jacobs is not among the quartet of Marcus Harness, Louis Thompson, Jay Mingi and Jayden Reid who fall into that category, however, despite the club having an option to extend his stay for another 12 months.
Danny Cowley has aired the prospect of the former Wigan and Wolves man signing a play-as-you-deal this summer, with the deadline for Pompey to announce their retained list May 21.
The News understands Jacobs has no intention of doing that at the age of 30, and feels he warrants a standard contract.
Cowley has also told the man who made a big impact over the second half of the campaign he wants to keep him at Pompey.
But with nothing forthcoming, Jacobs will be free to pursue a new home elsewhere after arriving at Fratton Park in 2020.
There will be no shortage of takers for the talented attacking player, who made a big difference to Pompey when being given an extended run in the side at the start of the year.
Jacobs was set to move to Ipswich Town last August, before a deal to take him to Portman Road collapsed at the 11th hour.
Doncaster Rovers were also keen on signing the man who made 32 appearances last term in January, but a move never got off the ground.
Jacobs’ worth to Pompey was seen with his presence a central part in successful runs over the second half of the campaign.
That has led to Cowley admitting he got it wrong when not using his talent for much of the term, as Jacobs started just one league game before January.
The former Northampton trainee has had plenty of injury issues in his time at Pompey and underwent a knee operation last April.
His fitness record this season has been reasonable, however, with a February knee injury picked up in training his only setback after returning from a 2021-22 campaign riddled with problems.
Like all players, Jacobs’ contract runs until June 30. He will be free to find a new club with the summer transfer window opening on June 10, and the registration period for players beginning.
Pompey currently have 10 players contracted for the next season, with their number boosted to 14 with the four players who are seeing their options actioned.
Cowley has made it clear he would like to keep as many as 17 of the group he had at his disposal for the 2021-22 season.