Madejski recently sold a 51% stake in Reading to Russian business tycoon Anton Zingarevich for £25m, who will finance the club with his billionaire father.
"I always said that if someone came in with deep pockets and who could take the club further than me, then I'd step aside," The Sun quotes Madejski as saying.
"The Zingarevich family have deep pockets who can take the club further. "I could not have done this - these people can, they have ambition. Europe is the next stop. I don't want to be a yo-yo club.
"The ambition is there but we will keep the Reading way. We have been in the Premier League before so we know what it's about and we will do our best to stay up."
Reading could clinch the Championship league title this Saturday when they take on Crystal Palace.