Kanu has emerged as a surprise transfer target for A-League side Gold Coast United who are hoping to land the Portsmouth striker on a guest contract in December.
Kanu has started only one game so far this season for Paul Hart's struggling side, although he has made a further five appearances as a substitute in the Premier League.
At 33 years of age, the striker's lengthy career in England, which started when he joined Arsenal from Inter Milan in 1999, is in danger of winding down and he is only contracted to Portsmouth until the end of the season.
Now Gold Coast boss Miron Bleiberg hopes to recruit Kanu for a nine-game spell on a guest contract in the A-League.
"He's still a potent force, still very inventive and still able to make a huge impact at a high level, so he would be a coup for the A-League," Bleiberg said, as quoted by the Portsmouth News. "I feel he'd be a good fit for us.
"His fitness wouldn't be a problem and he would appeal to crowds and excite people. Whether it will happen or not I don't know, things are at an early stage but we are keen to pursue it and see where it takes us."
Kanu joined Portsmouth in the summer of 2006 and famously scored the winning goal in the 2008 FA Cup final victory over Cardiff City.