But no bids have been received for either player.

With Pompey's managerial and ownership situation still unclear, the Reds have been negotiating with Fratton Park chief executive Peter Storrie.

“It is very hard to try and hold people back when they have a chance to play in the Champions League. I accept that,” Storrie said.

“Glen has obviously had a fantastic season for us and has established himself as one of the best right-backs in the league.

“He’s cemented his place in the England team and obviously the World Cup’s coming up now.

“I’ve known Glen for a long time since his West Ham days so when I re-signed him we talked it over and he asked if one of the big four clubs, who were in the Champions League, came in for him would we stand in his way of a move.

“I said that I couldn’t do that provided the deal is good for Portsmouth and for Glen.”

It appears that Portsmouth have now received a deal which is good for all parties.

Madrid, meanwhile, face losing out to bitter rivals Barcelona in their bid to snap up David Villa from financially-stricken Valencia.

Reports suggest Barca are prepared to pay around 50million euros, as well as offer players Bojan Krkic and Jose Martin Caceres, for the Spain international and Valdano admits they are not prepared to better that bid.

“If Barca have offered 50million for Villa, plus Bojan and Caceres, I would sell if I was Valencia because we’re not going to try and top that,” he added.

“We have been in discussions over the last week and there were disagreements. On top of money, they want a player and that was causing problems.

“What had seemed to be a deal on track instead became twisted. We don’t know why the price became so high.”

Valdano also confirmed they are unlikely to bring Bayern Munich winger Franck Ribery to the Bernabeu, again because the price is not right.

Zinedine Zidane, who is an advisor to Perez, recently confirmed Madrid were in discussions with France international Ribery.

“Zidane speaks highly of Ribery,” said Valdano. “And at one point there was interest but it’s a difficult one.

“Bayern are asking astronomical figures and it’s clear they do not intend to sell.”

Lyon striker Karim Benzema is another player Madrid are being linked with and Valdano admits they will do their best to bring him to the Bernabeu this summer.

“Benzema is another great player,” he continued. “But this is a very long process and we are going to take things easy.

“The start of the season is two and a half months away, enough time for us to look at what we do and don’t need.”

Madrid have come in for some criticism, not least from Catalonia, for the amount of money they have splashed around.

However, Valdano has defended the 160million euros they are set to spend on Kaka and Ronaldo, claiming it is to the benefit of Spanish football as a whole.

“Imperialism is a very big word,” he said in response to criticism from Barcelona. “They (Barca) opened a whole demagogy which is bad taste.

“They are such good players that it annoys me others are making us talk about economy - it’s produced an incredible effect.

“English and Italian football seem to have become impoverished. These signings will benefit the whole of La Liga.”

He added: “They are signings you accept because the strategy of the club has taken us to them.”