Rangers boss Stuart McCall says he feels sorry for Gael Bigirimana, but admits he should never have been signed.
Chris Gunter will stay at Reading, after the club took up the option to extend his deal by another year.
Simon Grayson has been installed as the 8/11 favourite to be the next manager of Preston, who parted company with Graham Westley on Wednesday.
Westley left the club following Tuesday night's 3-1 defeat at Yeovil, leaving the League One outfit just five points above the relegation zone having won just once since November.
Former Blackpool boss Grayson, who was quickly backed in from his initial price of 3/1, was sacked from his position at Championship side Huddersfield last month, and has also been linked with the vacancies at Oldham and Notts County.
Sky Bet football trader Chris Spicer said: "Blackpool fans may be quick to have a pop at Grayson if he does go to their rivals at Deepdale, but we don't think that'll deter him should Preston make an approach.
"We're not convinced the positions at Oldham and Notts County appeal that much to him, but in Preston he might see a much more exciting opportunity, and the punters have been queuing up to take the bet."