Portsmouth managing director Peter Storrie believes Kanu will sign a new contract with the club soon.
The Nigerian was key to the club's FA Cup success last season, scoring the winning goals in the semi-final and final.
The player is currently away on international duty, but a one-year deal should be signed when he returns.
we understand
"As far as I am aware, there are no problems with the contract and Kanu will sign it as expected," said Storrie. "At the moment he is away with Nigeria.
"I expect he will sign it when he comes back here for pre-season training.
"Considering his international schedule, I would not think it will happen before then. But that is not a problem, we understand."
