The Spaniard was pessimistic about the Reds mounting a title push for a couple of seasons but is hopeful of securing Champions League football and winning the League Cup
Liverpool have struggled lately and now find themselves in seventh place after their 3-1 defeat to Bolton Wanderers last weekend, which saw the side come under criticism from manager Kenny Dalglish.
The Merseysiders face Manchester City in the League Cup semi-final second leg at Anfield on Wednesday, going into the game with a 1-0 advantage as they search for their first trophy since 2006, a statistic which Reina is determined to end.
"I think it will be two or three more years before we are ready to challenge for the Premier League or Champions League again,” he told the Daily Mirror.
"Hopefully it will be as soon as possible but we are within touching distance of the Carling Cup final.
"We have not won a trophy since 2006 and it is very important to the club to collect some silverware this season.
"At Liverpool, winning trophies is vital and we have a great chance of doing that in the Carling Cup.
"Of course, we are still working hard to qualify for the Champions League next season but we know it will be difficult. Liverpool is a club that is used to winning."
Liverpool’s difficulty in scoring this season – having found the back of the net just 25 times in 22 matches – has led to a number of home draws against sides such as Blackburn Rovers and Swansea.
This profligacy in front of goal has proved to their Achilles heel so far this season, a fact Reina is completely aware of.
He added: "We are a good team, especially tactically, but perhaps we have lacked a little imagination to win enough matches.
"We have failed to finish off games and dropped points in matches Liverpool would expect to win.
"On our day, we are a match for any team and we have the players. But we must show more quality. This is what the history of Liverpool demands."
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