The 37-year-old former defender spent nearly a decade with Wycombe Wanderers, the final few years of which was under the ownership of 75-year-old Couhig.
Jacobson has been at Bearwood regularly over the summer, as well as watching all matches, and is reportedly set to be given a role with the Royals once a takeover is confirmed.
The Welshman sat alongside Couhig and other investors in a private box for Saturday’s 2-0 win over Wigan Athletic, posing for pictures before kick-off.