Selles is emerging as the new front-runner to replace the sacked Tim Walter.
Hull owner Acun Ilicali has met with various candidates, including former Fulham boss Slavisa Jokanovic and ex-Brighton chief Chris Hughton.
Mark Robins, recently sacked by Coventry, was also a contender.
Hull hope to make an appointment by the end of the week, with Selles likely to be keen to leave financially-stricken Reading.
Walter was sacked following a 2-0 defeat at home to Sheffield United as he lasted just six months in charge of the Tigers.
Read more EFL news
Wayne Rooney under pressure as Plymouth boss ahead of crunch Championship games
'Pure greed' - Major Premier League broadcast decision leaves Jeff Stelling furious
The German departed having won just three of his 18 games in charge across the Championship and EFL Cup.
Walter's exit also came a day after Ilicali claimed he would remain in his post whatever the result against the Owls.
"He will be in the job," Ilicali told the BBC before the 2-0 defeat.
"If we lose tonight, he's going to be in the job."
Most read in Championship
Spurs fans terrified as billionaire NFL owner suffering 30-year trophy drought linked
Man United release statement after scrapping LGBTQ+ jackets over player's refusal
Julen Lopetegui on the brink of West Ham sack with four possible replacements waiting
'Devastated' Shaw posts emotional statement as Man United react to latest injury setback
Ilicali also promised the new manager, which could be Selles, will be backed in the January window.
"Of course we have the power, we have the determination, we have the passion to bring new players," Ilicali said.
"We are very focused on January transfers."
Reading lie fifth in the League One table with 30 points under Selles, nine behind league leaders Wycombe Wanderers.
However, the club was placed under a new transfer embargo in October after they were late to file their financial accounts.
"This embargo has been implemented, as per EFL regulations, due to the late filing of financial accounts to Companies House, and relates to the 2022/23 accounting period," a statement from the Royals read.
"We are working closely with our auditing partner to finalise these accounts at the earliest opportunity - at which point the embargo will be lifted immediately."
Reading's latest embargo was the latest chapter in Dai Yongge's tumultuous ownership of the former Premier League club.
Yongge has been in charge since 2017, but the following years have been a lethal mix of points deductions, protests and fines.
Royals fans' anger reached boiling point last season when they stormed the pitch during Reading's fixture against Port Vale.
Supporters chanted 'Get out of our club' and 'We want Dai Yongge out' echoed around the ground as the clash was ultimately abandoned after 16 minutes.
Yongge has since put the club up for sale but has not been able to come to an agreement with any interested parties.