The Royals have outgrown their current Hogwood Park base and are looking to build a state-of-the-art facility which will bring them in line with other Premier League clubs.
Chief Executive Nigel Howe said: "We are striving to improve all aspects of the football club and have agreed in principle a contract with Bearwood to purchase land and build a new training ground, subject to planning permission.
"Bearwood is one of a number sites we have looked at and of course there is a long way to go before anything is confirmed or any work can begin.
"As a club we aim to build, evolve and succeed so we need to move away from the current site at Hogwood, which we have outgrown.
"With the plans we have in place for the first team facility, and our desire to have the best possible Academy, this is a vital step and if all goes well then it can can only be of benefit to the football club."