The Bosnian is believed to have been in contact with the Portsmouth hierarchy for the past four weeks and is thought to have been offered a three-year contract.
The 56-year-old, who has previously managed Lille, Rennes and Paris Saint-Germain during a 19-year managerial career, is thought to be considering the possibility of combining both jobs.
And despite exploring this option, Halilhodžić is understood to have warned the Ivorian football federation that last Saturday's victory over Burkina Faso could have been his last in charge.
"Anything could happen. It is true that I am in the negotiations, but I can't say more than that at the moment," he said in the Daily Mail.
"I want to work in the English Premier League, which is strongest in the world. That would be a big challenge for me.
"I have had offers from France, England, Greece and Switzerland."
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