The centre-back's current deal expires next summer and reports have suggested Liverpool are considering a January bid.
Pearce has made just four Premier League appearances for Reading this season and has not played since the end of September.
But the 24-year-old is highly thought of at the Madejski Stadium after rising through the club's ranks and McDermott is now hopeful the player's agent will strike a deal to stay.
The manager told the Reading Post: "We had a good talk on Saturday. He wants to sign and I want him to sign.
"His agent needs to contact the club and they need to get together again. I don't want this to drag on for much longer.
"It's out of my hands. It has to do with the club and the agent."