Full-Back Put Up For Sale - Will Keegan Move?
The Royals will make cut backs after relegation from the Premier League and claim it will be impossible for them to persuade the England international to stay.
West Ham, Aston Villa and Newcastle are all believed to be interested.
Reading's chief executive Nigel Howe: "Nicky Shorey and a few others will be looked at as potential people to leave.
"Nicky has made it clear for a long time that he hasn't been too happy at the club.
"Well, let's hope that somebody comes in with a good offer."