The former England midfielder played more than 100 games for the Royals towards the end of his glittering career and was a prolific member of the team that last won promotion from the Third Division in 2002.
The Crystal Palace legend, who is well known for his coverage of football on Sky Sports, appeared on the 1871 Podcast to discuss the Reading situation.
During the 45-minute broadcast, the former frontrunner acknowledged that he had held talks with parties interested in buying the club.
“Reading is a great family club and they’re in a great position, I’ve spoken to a few people who are interested in buying Reading but it’s all about Reading becoming a One Club City. [town] It’s in Berkshire, on the M4 corridor near Heathrow Airport. The chairman would probably want to live near Henley. Geographically it’s favourable in many ways because it’s geographically accessible to anywhere in the country. When we were talking to potential buyers they said, ‘Great location’. I remember Sir John Madejski, he was a great man and he achieved a lot. We need another Sir John.’
Former Wycombe Wanderers owner Rob Couhig and his consortium have been on the verge of finalising a purchase of the club over the past two weeks.
Unexplained snags have stalled the deal, causing anxiety among staff and supporters as the transfer window closes this week.