Meanwhile Reading Football Club have declined to comment on the rumour - heightening the speculation.
Many consider Reading to be weak in the centre of midfield, young starlet James Harper has failed to make an impression whilst club captain Phil Parkinson appears to have fallen out of Alan Pardew's favour.
Royals spokesman Andy West told Reading-Mad.co.uk: "We have got no comment to make on the speculation linking Paul Gascoigne with a move to Reading."
Now aged thirty-five Gazza is getting on a bit in years, if he was to join the Royals, it would likely be on a short term contract.
The former England international is likely to have many regrets when he hangs up his boots, injury and drinking binges have blighted the career of a player considered by many to be the best of his generation.
Fifty-seven England caps is a pitiful ammount for a player with the skill of Gazza. When he exploded onto the international scene in 1990 many predicted a bright future ahead for the Geordie once described by Bobby Robson as 'as mad as a brush'.
Following the Gateshead born stars failure to make it into England's 1998 World Cup squad his career has tailed off, after three years with Middlesbrough Gascoigne joined Everton in 2000.
Having dropped out of the first team he was loaned to Burnley at the back-end of last season. After spending the summer working as a pundit with ITV, Gazza has been searching for a new club after a move to American outfit DC United fell through.