The former Middlesbrough boss currently leads the Birmingham City betting.
Reading, like Karanka's Middlesbrough two years before them, were denied promotion at Wembley in May.
The former Middlesbrough boss does not believe Thomas Christiansen's Leeds United side will finish higher than Garry Monk's.
The former Middlesbrough boss has had his say on Sheffield Wednesday and Sunderland's forthcoming campaigns.
The former Chelsea and Nottingham Forest man returned to Middlesbrough in January after a loan spell in the 2014/15 season.
Leeds United are considering targeting their former striker Jimmy Floyd Hasselbaink as they look to fill the managerial vacancy at Elland Road.
The Spaniard is reportedly interested in replacing Garry Monk at Leeds United.
The former Middlesbrough boss has been heavily linked with the vacant managerial position at Leeds United, but no decision has been made yet.
Leeds United are looking for a new manager and they could still be some way off an appointment.
The former Middlesbrough manager remains odds-on favourite to become the next Leeds United manager.
The former Middlesbrough boss is being linked with a job at Sunderland.
Newcastle United boss Rafa Benitez became the fifth foreign manager to secure promotion from the Championship, with Fulham and West Brom managers also sending their teams up to the top flight in the past.
Carvalhal is under pressure from some Sheffield Wednesday supporters.