The project – dubbed the Blade – has been dogged by delays after Watkin Jones pulled out from its original role as developer and contractor in March.
The firm quit the 300ft tower scheme over planning problems.
The University is now looking for another partner to progress the futuristic looking project.
A spokeswoman told the The News: “The University of Portsmouth will soon begin the tender process of seeking a new partner to develop the scheme as originally conceived.
“The tender process will be published in due course in European media as European procurement processes require us to do.”