Charlton have agreed a fee with Ipswich for Matt Holland only hours after the Republic of Ireland midfielder's proposed move to Portsmouth fell through.

Holland's proposed £750,000 switch to Pompey hit the rocks when the Barclaycard Premiership newcomers admitted they could not afford the player's personal terms.

A statement from Ipswich explained: "Ipswich Town Football Club acknowledged on Friday that the proposed transfer of Matt Holland to Portsmouth appeared to be in serious jeopardy as a result of a breakdown in negotiations over the player's personal terms.

"However, subsequent to this, the club can now confirm that it has reached an agreement of similar terms with Charlton Athletic and that Matt and his advisors have been given permission to speak to Charlton."

Portsmouth's chief executive Peter Storrie revealed the First Division champions had ended their interest in the player for the time being.

"I have now spoken with Matt's advisors and from every way we look at it the terms are too expensive," Storrie told Portsmouth's official website www.pompeyfc.co.uk.

"We always said it was the case that until we talked terms it was far from being a done deal.

"Now we have talked those terms, we are in a position to say that we won't be taking the matter any further ourselves at this moment."