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The 33-year-old former Swindon player has enjoyed a vastly successful spell with the U's, rekindling his defensive partnership with former Royal Matt Robinson.
The arrival of Arsenal defender Matthew Upson appears to have effectively signalled the end of Adi Viveash's Royals career. The lure of first team football with Third Division Oxford is likely to prove too tempting for Viveash's old legs to resist.
Speaking to icberkshire.co.uk Viveash confirmed that he could be leaving Reading shortly.
"Oxford want to keep me and talks between them and Reading are going on the moment. From Reading's point of view, I think they want to make it permanent rather than another month's loan and I believe Oxford are keen to do the same.
"It's going to come down to finances and a lot of discussions still need to take place so we'll wait and see."
Viveash, voted Man of the Match for his performance in the U's recent win over York City admits that Third Division football has provided him with a fresh challenge.
"I've never played in this division before and it's very tough. The ball is in the air a bit more than I would like but there are a lot of players from higher divisions here and the standard is very high.
"Oxford are trying to rebuild after five disappointing years and supporters tell me Matt Robinson has been the best player here since he arrived. If I can add a bit of experience to that then I will."