Reina comes off contract at the end of this season.
Mirabelli said, "We are always looking to the future. You all know that if I am here, then Gennaro Gattuso will remain at Milan. He may well remain even without me!
“Although Arsenal are a quality squad with a lot of international cachet, we have talented young players, many of them making their first steps on to the European stage. We wouldn't trade any of them for the Arsenal players."