The 28-year-old is one of three players being released by the McDiarmid Park outfit following their cup double-winning season.
The Israeli had been in negotiations with St Johnstone over extending his stay.
However, the Courier has revealed that those talks are no longer taking place, with the front man – who scored seven goals this season – free to leave.
Pompey, along with Sunderland and Ipswich, have been credited with a long-standing interest in Melamed.
However, those links emerged during Kenny Jackett’s time in charge at Fratton Park.
New head coach Danny Cowley is currently overseeing an overhaul of the Blues first-team squad and is currently pursuing his options.