The referee, Alan Wiley, had written to the FA asking them to review the incident, and expectations were that the yellow card would be withdrawn.
But contrary to beliefs the ref did not recommend the withdrawal of the card. Under FA rules, the card cannot be expunged without the referee's reccomendation.
Pompey have not given up hope, however, and will write to the FA asking which other avenues they have to fight the yellow card.
A statement on the official site read: "The club will be writing to the FA asking them to review their procedure and the ruling regarding Dejan in light of the publicity surrounding this event and the obvious innocence of the player".
The Serbia-Montenegro international was booked for a foul on Arsenal's Robert Pires, but replays show that no challenge was ever made.