Harry Redknapp is ready to sign a new £7 million deal at Portsmouth.

The deal will keep Redknapp at Pompey until 2011 and is expected to be confirmed formally today, says the Sunday Mirror.

Redknapp will receive a £700,000 rise on his annual salary of £1.3million and with bonuses related to performance it could rise another £500,000 which puts him among the top five earners in the division.

As part of his deal Redknapp has promised to find and groom his eventual successor.