Fernandes could break Pompey's transfer record

Pompey could eventually pay �7m for Fernandes, 20, but have an escape clause to pull out if he fails to recover from a groin injury.

Chief Executive Peter Storrie confirmed Pompey are also considering a move for Manchester City striker Andy Cole.

Storrie said: "Andy is fit and one of several options we're looking at."

Fernandes has been monitored closely for the past month by Pompey's medical staff who are concerned at his failure to pass two physical examinations connected with the move.

We're completing the Fernandes deal and we're looking for two or three more players on top of that before the deadline Portsmouth chief executive Peter Storrie

Manager Harry Redknapp's desperation to add to his squad will see Pompey press ahead with the loan move, even though Fernandes is not expected to be match fit for two months.

Pompey, whose current record signing is the �4.1m capture of striker Benjani Mwaruwari, have also underwritten the move with the insurance of a get-out clause.

Since making his debut in the 2003-04 season, Fernandes has made 28 appearances for Benfica, scoring one goal.

He made his full international debut for Portugal against the Republic of Ireland in February 2005.

Storrie added: "We're completing the Manuel Fernandes deal and we're looking for two or three more players on top of that before the deadline."

Pompey have also set their sights on Cole who has missed the start of the season through injury.

The 34-year-old could be surplus to requirements at Eastlands following the summer arrivals of Paul Dickov and Bernardo Corradi.

Storrie confirmed: "Andy is now fully fit and we need a fifth striker."