The striker helped fire the club to the Premier League in 2003, scoring 26 times in what was one of the club's most memorable seasons.
Now 34, Todorov is currently playing in the Ukranian top flight with Hoverla Uzhhorod, but agent Lee Payne claims he would leave to return to Fratton Park.
"I've spoken to Toddy and he's pretty keen on coming back," Payne told The News. "There has been some dialogue and it's been pretty positive.
"So we're waiting to see where things go from here. Basically, if Pompey want it to happen - it will happen."
The former Bulgaria international scored 33 goals in 54 starts between 2002 and 2007.