Reds boss Brendan Rodgers is known to be keen on Pearce and will need to land at least one more centre half as Jamie Carragher will retire at the end of the season, while Martin Skrtel and Sebastian Coates face uncertain futures.
Pearce has been in fine form for the Royals this season but there were signs his mind could be elsewhere when he had a poor game in the recent 2-1 defeat to Stoke City, when boss Brian McDermott said he could have done better for both goals.
The defender was then left out of the side but returned at the weekend as Reading slipped to a 3-1 defeat at Everton to leave them deep in relegation trouble.
McDermott says the player wants to stay at the Madejski Stadium and has told him he intends to sign a new deal, but so far that has not happened and there is every chance he could leave in the summer.
Pearce may wait to see what division Reading are in next season and if the club are relegated he is likely to jump ship.