Steve Coppell is assessing his future after holding talks with Reading's director of football Nick Hammond.
Coppell is reported to be considering ending his successful four-and-a-half-year spell at the Madejski Stadium in the wake of the Royals' relegation from the Premier League.
But the 52-year-old has 12 months remaining on his contract and Reading are eager for him to mastermind an immediate return to the top flight.
"I had a very clear meeting with Steve," Hammond told the Reading Evening Post."Now we need to spend a bit of time to digest and reflect on what has happened.
"Steve and I will continue to talk and I will keep in contact with the chairman.
"Of course we are disappointed with what has happened, but there is nothing we can do about it now."
Reading chairman John Madejski admits the blame for relegation must be shared throughout the club but left no doubt that Coppell still has a future with the Royals.
"Everyone is culpable, including myself and the players," said Madejski.
"But we definitely want Steve to stay and we will be doing everything we can to keep him."
FutureMeanwhile, Reading striker Leroy Lita says he is not thinking about his own future following relegation.
Lita's future at the Madejski Stadium has been the sujbect of conjecture for some time after a public bust-up with Coppell.
The former England Under 21 international spent two months on loan on Charlton before being recalled for Reading's last three games of the season.
Lita, who scored in the 4-0 win over Derby on Sunday, says he has not even considered what the future holds for him as a result of relegation to the Championship.
"I don't know yet, I'm not thinking about that, I'm thinking about the team," Lita told the club's official website.
"Everyone put in a great effort to keep the club in the Premiership, we won 40 but came up short."