Jaap Stam will be hoping that any signings Reading make during this window will go on to make their way towards the top five in future.
Brannagan has yet to feature in a first team matchday squad so far this season.
Bolton Wanderers came back from a goal down to draw 1-1 with Southend United on Saturday.
The Bamtams could be mistaken for a different club altogether, with new owners, a fresh coaching team and a completely revamped squad.
Parkinson, who's been linked with the Derby County and Nottingham Forest jobs, signed the West Ham United defender on loan for Bradford City.
Reports suggest Phil Parkinson's time at Valley Parade could be up and both Blackburn Rovers and Bolton Wanderers are also said to be keen.
The Irishman is to continue at Valley Parade until the end of the season.
The Bradford City boss is still a hero at the Berkshire club.
Phil Parkinson has hailed his side's 'magnificent' performance at Stamford Bridge.
Phil Parkinson believes Chelsea manager Jose Mourinho should be praised for his willingness to adapt.