The Ipswich defender has held talks with Pompey after they had a bid for him accepted last week.
However, Hreidarsson, available because of Ipswich's financial problems, will hold talks with Charlton boss Alan Curbishley before deciding where his future lies.
Pompey chairman Milan Mandaric told the London Evening Standard: "We have held talks with Hermann Hreidarsson and the feedback has been positive. But Charlton are still very interested and there are other factors for him to consider."