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The Tangerines have rejected numerous bids from Premier League clubs for captain Adam, but with the player desperate to push through a move to Liverpool, a deadline day deal could still be in the offing.
Any deal rests on Fernando Torres' proposed £50 million move to Chelsea, as Liverpool look to raise the £8m that Blackpool are demanding for the Scottish international.
If Adam moves to Anfield, Holloway has pinpointed playmaker Reid as his replacement.
Reid joined Sunderland from Charlton Athletic in January 2008, but injuries and the emergence of Jordan Henderson have restricted him to just three appearances this season.
The Republic of Ireland international spent a period on loan at Sheffield United earlier in the season but now looks set for a move to the Premier League’s surprise package.
Holloway will land the 28-year-old for a cut price £1m with Reid expected to pen a two-and-a-half-year deal at Bloomfield Road.