Morrison made 22 appearances on loan for the Terriers last season after joining in January and played a key role in the club winning promotion via the play-offs.
"Sean has made it clear he loves it here and would like to play for us in the Championship and we certainly love him, so we'll see what happens," Terriers coach Glyn Snodin told the Huddersfield Examiner.
"In the first instance it's very much down to what Brian McDermott, the Reading manager, wants to do.
"Does he want to keep Sean for the top-flight campaign, does he want to sell him or is he prepared to loan him out again?
"Until we know the answer to those questions then we can't really progress anything, but we know Brian very well, he is a smashing fellow and we know there won't be any problems, he will just let us know honestly exactly where he stands."