The Royals are in need of new recruits, with a return to the Premier League proving to be tougher than expected.
With a basement battle seemingly on the cards, McDermott is aware of the need to add, and the need to bring in top-flight experience.
He believes one deal is close to completion - with Fulham's Stephen Kelly understood to be on his way in - and has admitted that he will look to dip into the market on at least one more occasion before the window slams shut.
"We think we're closer on another player, but it's never done until it's done," said McDermott.
"We're hopefully it'll be done sooner rather than later. There could possibly be more if this one comes off, we'll see.
"We're still looking. There's nothing in the pipeline, but I always find with the transfer deadline something always pops up that is useful and interesting."
Rumours earlier in the week claimed that Manchester United striker Danny Welbeck is among those on McDermott's wish list, but he has sought to distance Reading from such reports.
He added: "I can't see Sir Alex Ferguson letting Danny Welbeck out to anybody. I don't know where that came from to be honest. Danny Welbeck is a great player, but I'm sure Sir Alex Ferguson thinks he's a great player as well. Those reports were nothing to do with me."
On speculation he may look to bring former Reading favourite Kevin Doyle back to the club from Wolves, McDermott said: "I speak to Kevin regularly and he was another Reading legend but he's a Wolves player and I'm sure they'll be very keen to make sure he stays a Wolves player."
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