The former Russia international played 29 times last season as the Royals were relegated from the Premier League.
The 29-year-old has said that he wants to continue playing in England.
"I've decided to stay at the club, although I had offers, including Russian clubs. Not just from those teams which are always in the spotlight but also from Tom Tomsk. But I answered 'no'," he told itar-tass.com.
"It's not about money but about my desire to play in England. I'd like to be back in the Premier League and I like the British culture very much."
Pogrebnyak joined Reading from Fulham in 2012.