The Frenchman is reportedly unconvinced by current number one Wojciech Szczesny and will make a fresh move for Reina, who he unsuccessfully tried to sign two seasons ago.
He believes Brendan Rodgers is willing cash in on the Spain international to free up space in his squad and funds to sign Birmingham City youngster Jack Butland as a replacement.
Wenger is said to want an experienced keeper to marshal his leaky defence that has conceded 16 goals in as many games and the 30-year-old fits the bill having spent the last eight seasons on Merseyside racking up almost 400 appearances.
One stumbling block that could prevent the Gunners boss from pushing through a move is Reina’s £100,000-a-week wage demands and should a deal fail to materialise will shift his attention to Stoke stopper Asmir Begovic.
The 25-year-old Bosnian international has impressed Arsenal scouts with his form this season at the Britannia Stadium after playing a major role for the Potters in forging the Premier League’s best defensive record.
However, any approach for Begovic will ultimately depend on how the North London club progress in their pursuit of Reina
Wenger is also looking to strengthen in other key areas with Montpellier defender Mapou Yanga-Mbiwa said to be in this thoughts as is Schalke striker Klaas-Jan Huntelaar, Crystal Palace winger Wilfried Zaha and teenage Southampton starlet Luke Shaw.