Samuel Okoronkwo said: “Progress is being made with Portsmouth over Kanu’s contract.
“The relationship between the parties has warmed substantially. The club are ambitious, as we have seen from their stadium plans.
“Kanu is happy to commit his future to the club and talks are in the final stages.
“I know he was very disappointed the goal against Arsenal did not stand to put the club in Europe.
“But he is keen to play a part to ensure it happens next season.”
