The 30-year-old Spaniard has been consistently linked with a return to the Camp Nou as question marks continue to surround the Catalan club's current first-choice stopper.
Valdes is under contract until 2014, but announced earlier in the year that he would not be extending his deal, prompting a raft of speculation he could leave Barca at the end of the season.
Reds boss Brendan Rodgers has made clear his desire to keep Reina at Anfield, but having been encouraged by the Liverpool board to reduce the wage bill this summer, the Northern Irishman's resolve will be tested if a bid for one of the club's highest earners is received.
Reina still has three years to run on his current deal on Merseyside, and although the former Valencia goalkeeper remains committed to the Liverpool cause, he might find it difficult to turn down the prospect of returning to his homeland to finish his career.
Barcelona have also been credited with an interest in a number of other Premier League custodians, with Swansea's Michel Vorm, Stoke City's Asmir Begovic, and Manchester United's David de Gea among the different names in the frame for Tito Vilanova.