The Royals have signed former Sporting Lisbon captain Daniel Carrico already this month, but McDermott revealed that the club are "close" to striking another deal.
“We think we’re closer on another player, but it’s never done until it’s done,” he told reporters.
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“We’re hopeful it’ll be done sooner rather than later. We’re still looking. There’s nothing in the pipeline [after this deal], but I always find with the transfer deadline something always pops up that is useful and interesting.”
McDermott also moved to quash rumours linking Reading with a move for Kevin Doyle, who played for the Berkshire club before leaving for current Championship side Wolves in 2009.
The 51-year-old added: “I speak to Kevin regularly and he was another Reading legend but he’s a Wolves player and I’m sure they’ll be very keen to make sure he’s a Wolves player.
“It’s a strange one there, they’ve just lost their manager but I’m sure he’ll be a massive asset to Dean Saunders.”