Olafur Gardarsson said: "Hermann has been offered another year with Portsmouth. But he also has many offers from clubs in the Championship, Premier League and also from teams in other countries.
"We are in discussions at the moment, and we are hopeful they will be concluded one way or the other very soon. We would certainly like it sorted quickly, and I think that will be the case.
"Hermann is settled in the area and likes it at Portsmouth very much. He also has a strong relationship with the supporters, which is important to him."