Manchester City striker Andrew Cole has signed for Portsmouth after agreeing terms on a two-year deal.
Cole joined Man City in July 2005
Pompey have agreed to pay an initial fee of £500,000, which could rise to £1m, depending on the number of appearances Cole makes.
The 34-year-old is believed to have been offered wages of £40,000 a week at Fratton Park.
"The club are trying to push forward, and I want to be a part of that," Cole told Portsmouth's official website.
"It's an opportunity for me to play for another two years and I hope to do my best for Portsmouth, score a few goals and get the club into the top 10 which is what they are aiming to do this season.
"The good thing about Fratton Park is that the fans are electric.
"I watched them when Arsenal came down and won, but at no stage did the fans have a moan or groan about the Portsmouth team, and they applauded Arsenal for playing so well."
Cole, who scored 10 goals in 20 appearances for City last season, has not played since 12 February because of injury, but passed a medical with Portsmouth on Wednesday.
He has scored 278 goals in his career, and won 15 caps for England.
City wanted to keep the former Newcastle and Manchester United star but he expressed a desire to move.
Since leaving United in 2001, Cole has played for Blackburn, Fulham and City.