PORTSMOUTH are ready to pull the plug on their attempts to sign Lomana LuaLua unless Newcastle are prepared to slash their asking price for the attacking midfielder.

Pompey chief executive Peter Storrie is growing increasingly frustrated with Newcastle's £1.8m valuation of the 23-year-old and last night slammed suggestions that the south coast club had reneged on an agreement to pay that fee.

LuaLua spent three months of last season on loan at Fratton Park, scoring four goals in 15 games for Harry Redknapp's side.

The Pompey manager is keen to make his stay a permanent one, but talks between the two clubs have so far faltered over the issue of money.

Newcastle are adamant that they will not be short-changed on a player that cost them £2.25m when they signed him from Second Division Colchester in September 2000.

But Portsmouth are refusing to pay more than £1m and are willing to call time on the deal rather than up their offer.

Weekend reports quoted a Newcastle insider who revealed that the two clubs had negotiated an agreement worth £1.8m when Portsmouth first intimated they would like to keep LuaLua at Fratton Park.

But Storrie has rubbished those claims and expressed his disappointment at the way Newcastle have handled the situation so far.

"I don't even know where a figure of £1.8m has come from," blasted Storrie. "We certainly had no agreement with them (Newcastle).

"We are very unhappy to see this in print with comments supposedly coming from someone at Newcastle.

"The simple fact remains that our valuation and theirs is about £1m apart and that happens in football all the time.

"We were very supportive of Newcastle when they wanted the player back at the end of the season so it's a bit disappointing, to say the least, when these sort of misleading comments come out."

LuaLua has publicly claimed that he would be willing to return to Newcastle if the two clubs are unable to agree a fee.

But, privately, he must be concerned at the reaction to such a move given his frenzied celebration following a last-minute equaliser against Newcastle in February and his refusal to move back to Tyneside prior to last month's UEFA Cup semi-final against Marseille.

Meanwhile, Sir Bobby Robson will use this month's European Championships to scout a number of potential transfer targets that include Portuguese full-back Miguel Monteiro.

The Benfica defender has been lined up to replace departed right-back Andy Griffin but Robson, who is already in Portugal as part of ITV's commentary team for the championships, admits he could be out of the Magpies' price range.

"Miguel would prove to be a very expensive option for us," admitted Robson. "But he is one of the players I've been looking at.

"He is just one of several right-sided players we've been tracking, but we are not in a position where we need to panic or rush into buying players. We have the opportunity to observe several players during Euro 2004 and we'll make decisions once the tournament is over."