The 45-year-old could not commit to the Magpies despite taking them to the League Two title and it now looks likely that he will be at Fratton Park next season after supposedly telling friends he is "desperate" to join Pompey.
Andrew Andronikou has confirmed that he is interviewing candidates, with the likes of Dennis Wise, Gus Poyet and Paul Ince all in the frame.
But with Cotterill having a house in Dorset and having a good track record in the Championship, the smart money would be on the ex-Cheltenham and Burnley boss to be leading Pompey next season.
He is now odds on favourite with the bookies, so expect to see Cotterill unveiled as the new manager shortly.