JIM SMITH has sensationally quit Pompey - and Harry Redknapp was today poised to follow suit.

The managerial partnership that restored the glory days back to Fratton Park has ended - just eight days after the arrival of Velimir Zajec as executive director.

Pompey this morning called a press conference for 1.15pm where Redknapp was expected to confirm his departure.

Redknapp and Milan Mandaric had their first major bust-up at the end of last season after the Pompey chairman questioned the role of Smith, who was under contract until the end of the season.

Redknapp's lucrative, seven figure salary was due to expire in 18 months, but the 57-year-old is now the 11-8 favourite to take over as manager at Wolves.

He has also admitted that he may one day invest in AFC Bournemouth, the club where his managerial career began.

Redknapp lives in Poole with wife Sandra so is ideally placed to help the cash-strapped Cherries, who are £6m in debt.

AFC Bournemouth chairman Peter Phillips said yesterday he would welcome any interest from Redknapp.

"It is no secret that we desperately need new investment at the football club and we are looking for someone or a group of people," said Phillips.

"What you need is someone who knows and understands football, someone who is putting their money in because of their love for football rather than a property investment and ideally someone who is local and has a direct association with the club.

"Harry fits all those criteria very well. If the day comes when he is no longer involved with Portsmouth and wants to get involved here, I'm sure he would be welcomed by the club and the fans."

Redknapp took over as Pompey manager from Graham Rix in March 2002, having arrived as director of football in the summer of 2001.

Smith, a successful former Pompey manager, returned to Fratton Park as Redknapp's assistant in June 2002.

But their future was put in real doubt when 48-year-old Croat Zajec was appointed as executive director after quitting Panathinaikos, where he was director of football.

Smith and Redknapp led Pompey to the first division championship in their first season, before helping the Fratton Park outfit finish 13th last season.

But after reaching the dizzy heights of 10th after beating Manchester United, the duo saw Pompey slip to three successive defeats, including the 2-1 derby defeat.

Chairman Mandaric is currently in Asia on business. This morning he said: "At the moment there's no truth in it, but I have not been in contact much recently because I am out of the country."