Pennant, 26, had been linked with moves to Real Madrid or Italy during the transfer window, but is now set to link up with Portsmouth manager Tony Adams, once a colleague of his at Arsenal.
Benfica striker Ariza Makukula is to move on loan to Premier League Bolton Wanderers for the rest of the season, the Lisbon club said on their website.
The 28-year-old Kinshasa-born player this week turned down the chance to join West Bromwich Albion also on loan.
Real Madrid midfielder Guti will be out of action for three to four weeks with a calf muscle tear in his left leg, the Spanish champions said.
Reserve goalkeeper Jerzy Dudek has also torn a calf muscle and will be out for two to three weeks.
Villarreal striker Nihat Kahveci has had arthroscopic surgery to repair the damaged meniscus in his right knee, the Primera Liga club said on their website.
The Turkey international will be laid low for around four weeks.
Two Lens fans will appear in court on February 12 after they made Nazi salutes during a French League Cup quarter-final match at Paris St Germain on Wednesday.
The fans are being prosecuted for "introducting or carrying in a sporting arena an object or a symbol referring to a racist ideology". They were arrested after the game, which PSG won 2-0, and were put into custody.
