Preston's Nugent has been in talks with Pompey after Sunderland pulled out of the running and it is has been widely reported a £7million deal will be done by the weekend.
Nigeria international Utaka, also a striker, is expected to join Nugent at Fratton Park after Pompey agreed a £6.75million deal with his club Rennes, according to the Daily Star.
With midfielder Arnold Mvuemba joining for around £3million, also from Rennes, the deals would take Harry Redknapp's spending this week to almost £17million.
The newspaper reports that Utaka has agreed in principle to join Pompey but the clubs have yet to agree a fee for the 25 year-old.
Rennes coach Pierre Dreossi said: "John Utaka is susceptible to leave and is motivated to leave, so it will be difficult for him to return here.
"But the offers we have had are not sufficient."
Redknapp said: "Utaka is quick and strong, he is a handful.
"He can play wide right or through the middle. I like him."
Utaka said of the potential move: "Kanu has spoken with me about Portsmouth.
"What he told me is personal, but I look forward to joining him and playing alongside him."
Rennes were believed to be keen on taking Niko Kanjcar as part of the deal but Redknapp refused as he is a big fan of the Croatian midfielder.
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