Reports suggest Royals failed with an offer of around £6 million for the 20-year-old midfielder last weekend.
But McDermott this morning revealed another offer has been made for the sought-after youngster.
Former Reading boss and Liverpool manager Brendan Rodgers has also been heavily linked with the player.
It could take around £8 million to tempt Blackpool to sell, a fee that would smash Reading's previous transfer record if they are successful.
McDermott has until 11pm this Thursday to tie up any permanent deals before the transfer window close.
Royals have also been linked with a loan move for Manchester City striker John Guidetti.
It is rumoured McDermott has been keeping a close eye on the 20-year-old who scored 20 goals in 23 games on loan for Feyenoord.
With Jason Roberts out for several more weeks with a hip injury and Wales striker Simon Church surplus to requirements, Reading may be looking to bolster their attack for the Premier League run in.
Sheffield United striker Nick Blackman is believed to be on Royals' radar after catching the eye in Blades' 4-0 FA Cup defeat at Madejski Stadium on Saturday.
However, McDermott may have to offload some of his fringe players in order to free up transfer funds, with out-of-favour Kaspars Gorkss possibly heading for a move to Leeds United.
Midfielder Jay Tabb has also been told he can lead the club should Royals receive and decent offer.
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