Former Portsmouth manager Harry Redknapp has told ESPN that he will talk to Nwankwo Kanu in a bid to help save the club.
Pompey face extinction after administrator Trevor Birch set a deadline of August 10 for them to get their finances in order.
Kanu, 35, has lodged a claim for £3 million in pay while defender Tal Ben Haim, 30, is also owed a similar amount by the cash-strapped Fratton Park outfit.
Redknapp signed Kanu from West Brom in 2006 during his time in charge on the South Coast, and is eager to speak to the Nigerian in the hope of reaching a comprimise that might help the club.
He told ESPN: "I will be ringing Kanu today to see if there is anything I can do. I signed him for Portsmouth on a one-year contract and Tony Adams told me: 'You must be mad, he is finished'. Six years later, he is still there.
"In the case of Tal Ben Haim, if players have a contract and are owed money, you can see why they think they should get it. But if the club closes down they won't get a penny. They need to think hard about that."
Redknapp also expressed hope that an investor to inject money into Portsmouth could be found, saying the club had spiralled since former owner Milan Mandric left Fratton Park.
He continued: "Portsmouth has got to be saved. It's a great club with great traditions. It would be a disaster if this club went out of business.
"It has great fans to the extent that, if you live in Portsmouth, you are a Portsmouth supporter. If you walk around in that town, you don't see people wearing Manchester United or Arsenal shirts.
"It is soul-destroying to see them in this predicament, and there must be a group of people out there or someone who could take over the club so cheaply and save them.
"I would love to see someone do that. Surely it cannot happen that Portsmouth go out of business. If someone did come in, the club could be resurrected quickly. It wouldn't take a lot to get it going again.
"I remember when Milan came in and bought the club all those years ago, they were looking to lock the gates then and go into administration - but he turned it all around and made it work.
"When he sold the club, it spiralled out of control. Balram Chainrai put a lot of money in, but he must think it is the worst investment he ever made in his life. But now it just needs some people who understand football and who can work with the players."