The 51-year-old has stated that Tom Ince is unlikely to join due to Blackpool's unwillingness to sell, but indicated the Royals have a "50/50" chance of securing another player
The Royals, who scored twice in the final seven minutes to come back from two goals down to draw with Chelsea on Wednesday, had already completed the signing of striker Nick Blackman from Sheffield United before the game.
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And the 51-year-old praised his new man's talents before stating that the Berkshire side are working towards one more acquisition.
"We've got one player we're trying to do, it's 50/50, maybe a little bit against," he told the club's official website. "I really don't know.
"On top of that we tried to get Thomas, we made a good offer but Blackpool are very strong in wanting to keep him and I don't think he'll be leaving there in this window. I hope he does really well between now and the end of the season.
"We've signed four players, one today in Nick Blackman who is strong, quick, physical and can play in four positions. He's a great lad, he's on our conveyor belt in terms of how we try to develop players."
The signings of Blackman from the Blades and Hope Akpan from Crawley Town both came after the Premier League side played their former clubs in the FA Cup, a situation which has led many to question whether it is more than a coincidence.
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However the Englishman laughed off those suggestions, insisting they were longer term targets and that their performances only persuaded him further.
He joked: "By definition it means Frank Lampard will sign tomorrow! It's coincidence. But it's a gauge to see them against our team and when we played Crawley, Hope had more touches than anyone on the pitch.
"Nick also did well against us but I've known them for years. So I don't think Lampard will be here tomorrow!"