The mercurial forward, who enjoyed a successful spell with the Blues between 2004 and 2007, is a free agent after leaving Cyprus outfit Omonia this summer.
He was believed to have been in discussions with Blackpool and was also spotted in the Fratton Park stands at the game on Saturday, which sparked rumours that he could be heading back to Pompey.
Lualua is most fondly remembered by fans for his stunning two-goal display in the 4-1 win over local rivals Southampton in 2005.
But it has now emerged that he is now in talks with Sheffield Wednesday – and a possible reunion with former Pompey chairman Milan Mandaric – while Steve Cotterill also denied that Pompey were in for him.
Cotterill said: ‘I don’t know where that has come from.
‘Maybe the agent is trying to drum up some interest there because he was with Blackpool last week.
‘I saw him and I shook hands with him in the tunnel at the end of the game.
‘I knew he knows a few of our lads, but it was no more than that.
‘We wouldn’t have the money to sign him, anyway.’