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Boss Alan Pardew was quick to respond to the reports, however, he did not rule out a move for the star.
"I'd only like to reiterate what I said at the weekend - I'm being linked with all sorts of deals but there's nothing that interests me at the moment," said Pards, speaking to readingfc.co.uk.
It had been reported that Upson is reluctant to make the switch, not wanting to drop down to the First Division even if it is just to get some experience under his belt. That could possibly be the reason behind Alan Pardew's unrevealing comments.
Possible moves for Bolton's Colin Hendry and Ronny Johnsen, who was a free agent before he signed for Aston Villa, fell through last week.
Meanwhile, Adi Viveash will not leave the club until Alan Pardew is successful in his quest to find a replacement centre-back.
With the possibility that Fifa could slam the transfer window shut on Football League clubs Pardew may have to work fast.