Portsmouth would prefer to sell Papa Bouba Diop for a fee this summer.
The Senegal midfielder is wanted by several French clubs, while AEK Athens are keen to take him on a free transfer.
Administrator Andrew Andronikou is hoping a deal can be struck soon.
He told The News: "AEK Athens have come in for Diop and want to take on his contract.
"In terms of freeing up our wage bill for a player on Premier League wages, this is something worth considering. However, we have actual offers on the table from a couple of French clubs.
"Obviously that is the preferential option for us at the moment and one we are hoping can develop. That will bring more money into the club rather than effectively cancelling his contract by letting him move to Athens.
"At present, we are dealing with agents and there is still plenty of talking required. We'll just have to see on that one.
"In this game things change constantly."