Cho's move to Newcastle United fell through last week but he is still keen on a Premier League position.
Recently the agent of the powerful attacker claimed that four clubs in England's top flight are interested in the 26 year-old.
"Portsmouth and Cho Jae-jin's management team have agreed the transfer in principle and Cho's agent is talking to the club to finalise the details," an unnamed source in England told Korean daily Sports Chosun.
"Cho will arrive in England this weekend to talk with Portsmouth."