The Watford Observer understands Tommy Smith is undergoing a medical at Portsmouth after the Hornets confirmed they have "received and accepted" an offer from the Premiership club.

The Hornets star is believed to be at Fratton Park to finalise the move, reportedly worth £1.8m, after a dramatic 11th hour approach has seemingly resulted in Smith turning down the chance to be reunited with former manager Brendan Rodgers at Reading.

Smith was due to be unveiled as a Royals player this afternoon - indeed, the Watford Observer understands a press conference had been called and the media were already assembled, only for officials to be left red faced when the player failed to show.

If the 29-year-old does conclude his move to the south coast it would represent a massive blow for Rodgers, who thought he finally had his man after a protracted saga that could have netted the Hornets more than £2m, and would leave him with little time to find a replacement before the transfer window closes on Tuesday.

While the terms of Smith's move to the Madejski Stadium would have been undisclosed, assuming the deal does not go through, we understand the Hornets would have received £1.6m up front and were almost certain to get the £1.8m they were asking for, injuries permitting, through a £200,000 add-on based on Smith making 100 appearances for the Royals.

Smith passed his medical at Reading’s Hogwood Park training ground yesterday, having already said goodbye to his Watford team-mates.

The saga over Smith’s move to Reading has dragged on for almost two months, following the Royals initial £750,000 offer, which was described as “derisory” by Watford chairman Jimmy Russo.

The relationship between the two clubs was already strained, following Rodgers' decision to leave Watford to take over from Steve Coppell at his adopted home-town club.

And Watford considered reporting Rodgers and Reading to the Football League last month after the Northern Irishman claimed Smith wanted to join him at the Madejski Stadium, despite the Royals not having permission to talk to the 29-year-old.

Smith turned down Sheffield United after their successful £1.8m offer and although Newcastle and Portsmouth had made enquiries about the forward, neither had tabled bids until Pompey made their dramatic move earlier today.

After Reading had a £1.2m and last week’s final ‘take-it-or-leave-it’ offer rejected, Russo released a statement on Sunday confirming the Royals had pulled out of the race to sign Smith because they were unwilling to pay the £200,000 appearance add-on.

However, yesterday the two clubs had come to an agreement and Smith was in Reading having his medical.

Smith, who has previously had spells with Derby County and Sunderland, had a poor start to this season but the 29-year-old has scored two and helped set up three in his last two games for the club.

Smith has won the Watford Observer player-of-the-season award for the past two campaigns and is the club’s joint 13th all-time highest scorer on 64 goals, alongside Heidar Helguson.

To read Watford’s statement on Portsmouth's offer for Smith, click here.