The Sunday Mirror says the Abu Dhabi consortium, poised to take control at Fratton Park, want to recruit Redknapp for a third spell as Pompey boss.
Former Inter coach Roberto Mancini is also on their short list.
Redknapp was given the freedom of the city of Portsmouth around the time that he was defecting to Tottenham last year.
The freedom to spend untold millions might have more appeal and lure him back to South coast club - for a third time as manager.
But it will be a tough call for Al Fahim and his backers to pull off.