The League One outfit's joint administrator, Trevor Birch, confirms that a second proposal has been made by the football financier, with the Pompey Supporters Trust offer stallingLeague One side Portsmouth.
The former Premier League outfit entered administration in February 2012, with debts reportedly totalling £60 million.
Portsmouth are already the subject of one bid from The Pompey Supporters Trust (PST), administrators PKF's favoured party, however the group are yet to agree a fee with the club's former owner, Balram Chainrai, for the sale of Fratton Park, leading to a deal stalling and allowing Harris to step in.
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"This offer has been made by Keith Harris, a former chairman of the Football League, together with Pascal Najadi, deputy chairman of the investment bank AIAK Group, and Alan Hitchins, a professional investor.
"Keith Harris has indicated that he would like to meet with the PST to discuss a stakeholding and participation in the club going forward.
“We believe this offer is worthy of consideration and could be completed without the need for a court case.
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"We will need to discuss the terms of the deal with the PFA and the Football League and also plan to consult the creditors’ committee as a matter of urgency.
"This has been a complex administration and we are doing all we can to resolve the situation as quickly as possible. We will provide an update as soon as we have further news."
The PST have been approved by both the Football League and the club's creditors but Chainrai is still refusing to sell the ground at the current offer.
Administrators have attempted to force the sale through the High Court but the hearing has been adjourned on numerous occasions - the latest date set for February 14.