The Royals got relegated from the Championship last season and they are going through a squad overhaul.
New boss Ruben Selles is looking to sign a goalkeeper before the transfer window slams shut.
32-year-old Bouzanis is expected to leave and it has been suggested that Reading are negotiating with two clubs to offload him.
Former Manchester United goalkeeper Joel Perreira is set to become his replacement; he will join the club as a free agent.
The Portuguese custodian spent last season with Dutch outfit RKC Waalwijk and played only three games all season.
Bouzanis also played a bit-part role in the Championship last term and appeared eight times for the Royals.
Now it remains to be seen where the Australian goalkeeper will end up before the transfer window closes; he still has two years left on his Royals contract.
