The 30-year-old Spanish international has been heavily linked with a move to north London, after first emerging as a Gunners target in 2010.
Reina revealed in his autobiography his anger at Liverpool blocking a possible move to Arsenal two years ago, at a time when the Anfield club's ownership, and long-term future was uncertain.
"Arsenal offered £20million, a phenomenal amount for a goalkeeper," he said. "Part of me felt that I was well within my rights to consider my future.
"When Liverpool received the bid, they rejected it. I was told that my continued presence was crucial to the sale of the club. I was simply a bargaining chip in the sales process."
Reina's £100,000-a-week wages were also believed to be a stumbling block for Arsene Wenger last time round, but now the Arsenal boss is prepared to splash the cash in order to strengthen his Emirates Stadium squad.
Brendan Rodgers is prepared to let the Liverpool veteran - who has made 385 appearances for the club - leave Merseyside in January, as long as he can bring in a replacement of his own, with Birmingham's Jack Butland, and Stoke City's Asmir Begovic touted as potential Anfield successors.
A move to Arsenal would see Reina united with his compatriots and close pals Mikel Arteta and Santi Cazorla in the capital, adding to a growing contingent of Spanish players in north London.