Reina has thrown his Liverpool future into doubt by admitting he would find it tough to turn down a bigger club.
Reina, 30, insisted: "My situation is clear. I have three more years of my Liverpool contract - but I never say never.
"I'm very happy and satisfied at Liverpool.
"But of course if I'm given the chance to improve and go to a bigger club, and now there are a few bigger than Liverpool, I'm sure the club would understand."
The Sun says Arsenal boss Arsene Wenger is a long-time admirer who is looking to replace the inconsistent Wojciech Szczesny while former club Barcelona are also in the market for a new keeper after Victor Valdes recently confirmed he will be leaving the Nou Camp when his contract expires next summer.