However, Mandaric has denied this in an interview with Sky Sports and has said he intends to remain chairman at Leicester City, Pompey's opponents tomorrow and on Friday.
If you read both interviews, you can gather that Mandaric is interested in coming back to Pompey but seems reluctant to leave the Foxes given that he has only just sold his share of the club to a young owner, and he also cites Pompey's current problems as something he "can do nothing about."
It's all slightly confusing but I wouldn't be surprised if the man who bankrolled Pompey to the Premier League will return to the club and it may be sooner rather than later. After all, looking at what he has said in the interviews, he has been rather ambigous about his future.
Saying things like "I might stay here for the next two years, it may be longer and it may be a lot less than that" doesn't say to me that he is totally committed to Leicester and it adds fuel to the speculation that he is itching for a return to Pompey under the right circumstances.
But would we want him back? Let's take a look at the positives and negatives, shall we?
Mandaric has already bought the club out of administration once and had turned Pompey into a profit-making Premier League football club before selling up.
He knows what Pompey is about and I believe he has a genuine affinity for the club, which is something that can't be said for our previous owners since he sold to Gaydamak.
We also know that Mandaric has money behind him and he's shrewd enough to know when to spend it and how much to spend. He has been accused of being tight-fisted in the past but this approach paid off and kept us going without overspending.
However, Mandaric still has the tax evasion allegations hanging over his head and that is likely to scupper any chance he has of passing the new "Owners and Directors" test until that situation is resolved.
Even if he passed the test, his knack of constantly mouthing off to the media didn't sit well with some fans and the team regularly suffered from instability because of "Mad Mandy" and his hire 'em and fire 'em approach to appointing football managers.
Eight managers (if you count Harry Redknapp twice) were at the club during Milan's ownership. He can be a difficult character for managers to get on with and some of his appointments in the past have been questionable to say the least.
There are also some fans who are still sore that Mandaric never could deliver on his promise to redevelop Fratton Park due to lack of funds and that he sold to Gaydamak despite the shady nature of his father and his possible involvement with the funding of the club.
However, everyone makes mistakes and Milan would be the first to admit that he isn't the perfect football club owner.
Look at our alternatives - do we want Chainrai in charge knowing that he doesn't care for the club at all? Are the fans going to be happy if Tom Lever takes over with his loaned cash?
Perhaps it's really a case of "better the Devil you know" and Mandaric would be the best option for this club going forward in the short term. He knows the club, he has money to invest and he's a shrewd businessman.
If it means that we would have to put up with his media rants and the builders have to build a revolving door at the entrance of Fratton Park for all the incoming and outgoing personnel then that may be what we will have to put up with if the club's future is to be safeguarded.