The pacey wide-man was one of Reading's shining lights this season after scoring five goals in 18 Premier League appearances for the relegated club.
Following the Royals' drop back into the Championship, it is understood that the club could be facing a fight to keep hold of the Mali international.
The former Lens attacker is thought to be keen on staying in the Premier League after creating a favourable impression in the top flight.
He has a further year left on his contract at the Madejski Stadium and Reading's resolve to keep the 29-year-old could be tested if a sizeable offer comes in.
West Ham United were linked with a move for Kebe before he signed his current deal in January 2012, while Fulham and Norwich City have been credited with an interest in the past.
Kebe joined Reading over five years ago and he is approaching 200 appearances for the club.