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Hahnemann has spent the past few weeks with the Saddlers on trial after leaving Fulham at the end of his contract in June.
Former Wolves boss Colin Lee chose to offer him a deal at Walsall but the shot stopper rejected it - his agent is now in discussions with the Royals over a possible transfer.
Saddlers boss Colin Lee told Saddlers.co.uk: "I am disappointed. However, I have other targets in mind and one or two irons in the fire so watch this space."
Hahnemann spent a month on loan at the Madejski Stadium last season whilst number one Phil Whitehead was injured. His spell with the club was a huge success, he conceded just three goals in six matches.
If the deal is completed the former Colarado Rapids goalkeeper become Alan Pardew's first summer signing and will provide cover for Whitehead.
Royals chief executive Nigel Howe told readingfc.co.uk the latest on the situation: "We're in ongoing discussions with Hahnemann's agent, but reports that the deal has already been done are not true."
Reading fans have disliked Walsall since the extra-time 2001 Play-Off Final defeat. The Midlands based side were promoted whilst the Royals had to slug it out in Division Two for an extra year. If the deal is completed many would consider it revenge for the painful defeat.