The 22-year-old's current deal with the Championship club is due to expire in summer 2016.
However, the defender is confident that he will soon extend his stay at the Madejski Stadium after holding talks with officials.
"Hopefully it'll be done in the next couple of weeks," he told the Reading Post. "It's been a slow process, but that's what these sort of things can be.
"I'm very happy here so I hope it's done soon. I feel wanted here. The manager likes me and the fans seem to like me. I love the place and it's a great club."
Morrison joined Reading from Swindon Town in 2011.