Russian daily Izvestia claimed on Wednesday that Pogrebnyak will part ways with the Royals by mutual consent in the event they drop out of the Premier League this season.
Reading are currently second bottom of the table and a point from safety after suffering three straight defeats.
Pogrebnyak, who has scored eight goals for Brian McDermott's side since arriving from Fulham in the summer, is contracted until 2016.
His agent, Oleg Artemov, is keeping quiet over where the 29-year-old's future lies, telling Izvestia: "We're not trying to draw any conclusions yet.
"Reading have a good chance of avoiding relegation, so now we need to focus exclusively on the team's performance.
"As for other issues, we'll discuss them at the end of the season."