The Anfield legend, who spent 12 years at the club, believes the 25-year-old signed for £9 million this summer by manager Brendan Rodgers was bought to be first choice rather than squad competition.
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But despite Reina's importance to the club Molby says he'd be shocked if the Spaniard was still at the club come the end of the transfer window.
"I’d be very surprised if both of them were there on September 1," he told the Daily Star.
"In the first three or four years Pepe was here he was as good as the club’s ever had.
"He hasn’t quite been the same in the last couple of years but I think he’s a great keeper. Possibly the time has come for him to move on."