He spent the second half of last season at Fulham, impressing in his first Premier League season by scoring six goals in just 12 games.
However, the Russian hasn't been able to negotiate an extension to the contract which ended at the start of the month, and he has been keen to find a new English team to sign for.
Following Reading's takeover by Anton Zingarevich's group, Thames Sport Investment, who control 51 percent of the club and have promised to strengthen the playing squad, the club now have the financial muscle to make signings such as this one.
When gaining promotion last season, Reading didn't really have top goalscoring strikers like Southampton or West Ham, with Adam Le Fondre scoring the most goals with just 12. This, of course, means that changes have to be made and players brought in before the start of the season, and Pogrebnyak's signature would go a long way to correcting this issue.
Despite remaining favourites for relegation this season, this is certainly a signing of intent from the Berkshire club.
Having already signed Garath McCleary from Nottingham Forest, they are also heavily linked with Watford's Adrian Mariappa (Daily Star), Colombian midfielder Carlos Sanchez (Daily Mail) and former Royal Gylfi Sigurdsson (Daily Mail).
Don't expect this to be Reading's last signing of the summer.