The 24-year-old, who has long been linked with move away from the Royals, has claimed that he wants to help his current club return to the Premier League next season.
"It happens every year and I keep getting bugged about it. I'm a Reading player," he told Sky Sports News.
"I signed a deal last summer and everyone wants to play in the best league in the world and it's gutting to not have that next year.
"Reading is a Premier League club and we know we should be there and we will try our hardest to get back up. Anything can happen in the summer. I'm a Reading player and I will be as happy as ever if I'm still here."
Karacan is yet to gain full international recognition for Turkey.