Summary: A novel functionalised poly(1‐vinylpyrrolidin‐2‐one) (PVP) derivative, carrying a pre‐determined amount of 2‐(2‐pyridinyldithio)ethylamine moieties as side substituents, P(VP‐co‐VP‐SS‐Py), has been prepared from carboxylated VP copolymers, in turn obtained by copolymerising 1‐vinylpyrrolidin‐2‐one with 3,3‐di‐(ethoxycarbonyl)‐1‐vinylpyrrolidin‐2‐one in the presence of radical initiators. Using reaction solvents acting in the mean time as chain transfer agents could control its molecular weight. P(VP‐co‐VP‐SS‐Py) proved to be extremely reactive towards exchange reactions with molecules containing mercapto functions, including bioactive peptides. The exchange derivative with reduced glutathione, chosen as a model compound, was easily prepared.