Nugent signed for Pompey last summer from Preston North End, but struggled for regular first-team football during his debut campaign.
He told The News: "Over the summer you always have a look in the papers to see what's going on and you cannot ignore the fact we have been looking at a couple of strikers.
"That's football. I'm not going to get frustrated about it. It's down to me to just prove what I can do.
"We are in Europe and I want to be part of it. I don't want to leave this football club now and I intend to stay. I want to show what I can do.
"I read in the papers earlier this summer that Birmingham and Hull were supposedly interested in me.
"Well, I would not want to join a side that had just come up to the Premier League or a team that has just been relegated."