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United are in the market for a new No.1 to succeed Edwin van der Sar, who has announced his intention to retire at the end of this season. They have been linked with a host of leading keepers, including Atletico Madrid prodigy David De Gea, Maarten Stekelenburg of Ajax and Schalke's Manuel Neuer.
This latest report, of a possible move for Liverpool's Reina, is likely to ruffle feathers at Anfield.
But the Reds are losing patience with the Spaniard, who has refused to commit his future to the club and appears to many to want out of Merseyside.
The 28-year-old signed a six-year deal with the club last April, but Liverpool reportedly rejected a £15m bid from Arsenal within two months of the contract being agreed.
It is now claimed that, following Fernando Torres' transfer to Chelsea, Reina's agent is scrutinising the goalkeeper's contract for an exit clause similar to the one his international team-mate used to get out of Anfield.
However, Reina has stated that his Liverpool future will depend upon where they finish this season, as he seeks a return to Champions League football.
Liverpool's new owners have already underlined their ambition, breaking consecutive transfer records with the £22.8m acquisition of Luis Suarez from Ajax and the £35m purchase of Andrew Carroll from Newcastle.
Arsenal are expected to compete fiercely for Reina's signature, as they seek an experienced shot-stopper in the wake of costly errors by Manuel Almunia, Lukasz Fabianski and newcomer Wojciech Szczesny, whose mix-up with Laurent Koscielny last week cost the Gunners their chance of a first trophy in six years.