The Spanish stopper was widely expected to make his loan move to Napoli a permanent one this summer, but the deal looks to now be dead after the Italians refused to match the Reds’ asking price.
Reina is set to return to Anfield, but his future at the club appears bleak given the fact that manager Brendan Rodgers axed him last year in order to make Simon Mignolet his undisputed number one.
This has alerted Arsene Wenger, whose side have been linked with the World Cup winner on numerous occasions through recent transfer windows.
Unlike Napoli, Arsenal are willing to meet Liverpool’s £5m asking price, and are confident that the experienced ‘keeper will be open to joining them.
However much depends on the Merseysiders’ willingness to do business with a direct rival.
Yet the lure of getting Reina’s earnings – rumoured to be around £100,000-per-week – off of their expenditure may be tempting with Financial Fair Play now a big factor for top teams.