Pompey had the San Juan Jabloteh star over for a trial last year.
Hyland impressed in Trinidad and Tobago's recent friendly defeat to England and Pompey have moved to snap him up ahead of a number of other clubs.
"Khaleem has been offered a four-year deal by Portsmouth and we are just waiting for a work permit and we don't envisage any problems with that," Davies told skysports.com.
"There were a host of clubs interested in signing Khaleem, but he is happy to go with Portsmouth.
"Portsmouth have held a long-term interest in Khaleem and he is looking forward to the chance of playing in England."