Penn State lost to Ohio State, 73-71, in the semifinals of the Big Ten Conference tournament to finish 15-16 this season.
Portland's possible exit would be the latest in a series of changes at major programs across the country.
Longtime Texas coach Jody Conradt retired two weeks ago after the Longhorns failed to reach the NCAA tournament for the second straight season.
Louisiana State coach Pokey Chatman quit after allegations by university officials that she had had an inappropriate relationship with a former player.
Carolyn Peck was fired at Florida, and other openings also exist at Arkansas and Washington.
Portland, a native of Broomall, starred at Immaculata in the early 1970s when the Mighty Macs won three national titles.
She recently completed her 31st season as a coach, including earlier stints at St. Joseph's and Colorado. She was hired by Penn State football coach Joe Paterno when he was the university's athletic director.
"I always said the best decision I ever made as an AD was to hire Rene Portland," Paterno has said numerous times.
Portland's overall record is 693-295, including a 606-236 mark at Penn State.
The high point of her career came in 2000 when the Nittany Lions advanced to their only appearance in the NCAA Women's Final Four, which was played at the Wachovia Center.
Among Portland's finest players was Suzie McConnell Serio, a native of Pittsburgh who went on to star in the 1988 Olympics and also with the Cleveland Rockers of the WNBA.
McConnell Serio coached the Minnesota Lynx but resigned late last season when the team faded from the WNBA playoff race. She recently indicated a desire to run a collegiate program.
