Michael Appleton has admitted he would be interested in bringing Shaun Derry back to Fratton Park should he become available.
The QPR midfielder was linked with a return to the south coast over the weekend.
Derry made 55 appearances and scored one goal for the Blues before being sold by Harry Redknapp to Crystal Palace in the summer of 2002.
Since then, he has played for Nottingham Forest, Leeds and now QPR, who he made 29 appearances for in the Premier League last season, just one of which came as a substitute.
Now the 34-year-old is reportedly lined up to leave Loftus Road this summer as QPR manager Mark Hughes continues his rebuilding.
However, Derry’s existing contract – which expires in the summer of 2013 – would have to be cancelled by mutual agreement to enable him to become a free agent.
As it stands, Pompey are in no position to recruit any players until they get permission by the Football League.
Nonetheless, Appleton conceded he would consider an approach to Derry if the situation arose.
The Pompey boss said: ‘Shaun is a Premier League player. Would I be interested in a Premier League player? Of course I would.
‘At the end of the day, if people like that became available then we would be interested, so whether Portsmouth would be the destination for someone like Shaun, then who knows?
‘If it became a possibility, though, then I would be very interested.’
Derry initially joined Pompey in March 2000, Tony Pulis signing him from Sheffield United.
He would spend the next two-and-a-half years at Fratton Park, becoming captain under Graham Rix and a key part of the Blues side.
Yet Redknapp didn’t fancy the combative midfielder and he was part of the clear-out in preparation for what would be a successful push for promotion to the Premier League.
Derry has made 625 career appearances, netting 14 times.