The Spaniard is said to be asking for £100,000 a week, something the Italian giants simply cannot afford with no European football at the San Siro next season.
The 31-year-old spent last season on loan with Napoli, however former boss Rafael Benitez opted not to sign him on a permanent basis.
There is talk he could return to Naples for a second loan spell before the transfer window shuts, but Liverpool are hoping for someone to come forward with a cash offer.
Brendan Rodgers has made it clear he regards Simon Mignolet as his first choice goalkeeper, whilst reports today suggested Reina has asked for his contract – which has two years left to run at Anfield – be terminated, despite the fact the Reds are willing to do business for just £4million.
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