An American consortium is fighting a group from Oman to assume complete control of the club.
Both parties have submitted bids - believed to be around £40 million - and the Berkshire Chronicle understands a third bid has also been received from an unknown investor.
All three offers include the add-on of a sizeable transfer fund to spend in January, a stipulation set down by the club.
It could also help Royals re-sign Billy Sharp and Chris Baird, who both look to have played their last games for the club after arriving on short-term loans.
And the club say that even if the deal can’t be pushed through before the end of the month, they could sign a ‘heads of agreement’ with the new owners to allow the early release of transfer money.
Royals chief executive Nigel Howe told the Chronicle: “For some months now we have been in discussions with a number of parties who are interested in acquiring 100% of the club.
“We hope to be in a position to invest in the squad during this January transfer window, provided we secure funding by the latter part of the month.”
The imminent takeover will put an end to the saga surrounding Anton Zingarevich and his mysterious disappearing act.
The 30-year-old Russian businessman bought 51% of Sir John Madejski’s shares for around £20 million in March 2012.
But he failed to keep his promise to buy Madejski’s remaining 49% for a similar amount before last September’s deadline, and he has not attended a match for more than four months now.
It is believed Zingarevich became disillusioned with football when Reading were relegated from the Premier League last season.
That left Madejski in a state of limbo as he is eager to sell up after more than 23 years at the helm.
But Madejski’s dream is set to be answered by new investors aiming to re-establish Royals as a Premier League club.
The identity of the American consortium remains to be seen, but it is known that Miami Dolphins owner Steve Ross and Houston Texans owner Bob McNair are not involved.
A group of delegates from Oman have visited the Madejski Stadium several times, most recently for the 2-1 defeat by Wigan Athletic on December 21 when they also met Adkins.
If neither takeover attempt is successful before the end of January, Reading may be forced to look elsewhere for a new buyer.
Madejski said: “I can reassure Royals fans that progress is being made. The most important statement I can make at this moment in time is that we are all very confident about the future at Reading.
“It is naturally in the interests of every single person connected to the club to attain promotion back to the Premier League as soon as possible.”