The 26-year-old Dutchman, who spent a spell on loan at Goodison Park during the 2011-12 season, is a free agent following his release from Russian club Alania Vladikavkaz and looks to be manager Nigel Adkins' signing of the summer.
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"Reading can confirm an agreement has been reached to sign former Real Madrid man Royston Drenthe," a club statement read.
"The 26-year-old is set to sign an initial two-year contract with the option of a third.
"The deal is subject to normal ratifications, plus international clearance from the Russia football authorities and the player's former club Alania Vladikavkaz."
Drenthe has been capped once by Netherlands, and most recently played six times for Alania before their relegation at the end of the 2012-13 season.