The Israeli's return to Portsmouth will be his first job in football since leaving Chelsea.
"I am happy to return to the best league in the world, the English league," Grant told Israeli sports website One, adding he had signed a three-year contract.
James is hopeful Grant's arrival and the takeover by Al Faraj will bring some much needed stability to the club. Pompey keeper David James has backed the appointment of Grant. ''I love Avram, he's a great guy,'' said James at a press conference ahead of England's World Cup qualifier in Ukraine on Saturday. ''When I first joined the club he was there and he was very active in preparation for matches. He's a very wise man; his football knowledge is immense. It's a very good move.''
''The non-pay issue was not good,'' he added. ''The people who needed to get paid got paid but it was more the bigger picture. Now we've got our first win and our first clean sheet, it's a much happier place.''
The news of talks with Grant emerged as chief executive Peter Storrie moved to deny claims that Paul Hart was to be replaced as manager.
"Paul is going nowhere. He has done a tremendous job throughout and been an absolute brick," Storrie told The News. "Now people are starting to see what a shrewd manager he really is. Tactically he is getting it right and is nurturing the team. I think everyone involved in the club saw the victory against Wolves coming.
"It was an excellent performance against Everton the week before and we are unlucky not to have come away from that even with a point. The eight or nine players signed before the transfer window closed have now settled and I think we've got a real balance to the side.
"So much for people having a go about supposedly having Championship players in the team. I don't think that can be said anymore.
"It takes time for a team to gel. We even saw that when Pedro Mendes and the rest of them arrived in January 2006 when Harry was here.Once they settled they kept this club in the Premier League. Paul Hart has done a terrific job and will continue to be manager.
"He has done fantastically well in incredibly difficult circumstances. I am very confident for the future of the club."
