The Villarreal midfielder has won over 30 caps for his country and Reina has apparently told Dalglish that he would be perfect for the Reds if he could land him.
But the price may prove to be too much.
The 26-year-old has a buy out clause of £26m at Villarreal and that would probably prove to be too much for the player.
But if Dalglish could land him for around the £18 mark then a move could be back on the cards.
Liverpool were expected to move for Aston Villa’s Stewart Downing but that remains in the balance and Dalglish could look elsewhere.
Stoke could face a battle to keep Xherdan Shaqiri as reports have claimed Mark Hughes wants him at Southampton next season.
Bayern Munich have entered the race to Emre Can, who continues to talk up a move away from Liverpool this summer.