Portsmouth have accepted a bid from Rangers in the region of £3m for midfielder Pedro Mendes.
Moving in the opposite direction is Jerome Thomas who has joined Pompey on a season-long loan from Charlton.
Mendes is currently discussing terms in Glasgow and his two-and-a-half year spell at Fratton Park appears to be nearing its end.
Rangers currently have cash to spend following the £7.8m departure of Carlos Cuellar to Aston Villa earlier this week.
Thomas moves to Fratton Park as manager Harry Redknapp finally ends his search for a winger.
Redknapp had been linked with Chelsea's Shaun Wright-Phillips but instead he has recruited the former Arsenal trainee.
The 25-year-old joined Charlton in February 2004 for £100,000 and his arrival marks a busy summer for the south coast club.
While Peter Crouch was the big money arrival from Liverpool, Thomas joins fellow forwards Glen Little, from Reading, and Ben Sahar - on loan from Chelsea - as well as defender Younes Kaboul.