The Spanish goalkeeper was expected to make his loan spell in Naples a permanent one this summer, but the arrangement looks to have been scrapped over a dispute regarding the figure to be paid.
Napoli themselves are keen to keep the 31-year-old, but Liverpool’s demands of around £5m are seen as too steep with his £100,000-per-week earnings on top.
Despite talk of a return to Anfield, Reina looks unlikely to have any future under Brendan Rodgers after the Kop chief axed him to bring in Simon Mignolet last year, opening the door for a different move.
Arsenal have been linked with the World Cup winner on multiple occasions over the course of the past few transfer windows and could now revive their interest after allowing Lukasz Fabianski to leave.
Reina would be in direct competition with Wojciech Szczesny, but with his vast experience he may well be able to dislodge the Pole.
Liverpool are understood to be reluctant to sell to a rival, but if their valuation is met they may well consider doing so.