Camp Nou goalkeeper Valdes has confirmed he will leave the Spanish giants when his contract expires at the end of the season.
The decision of the 31-year-old, who has spent his entire professional career with the Catalan club, has sparked speculation over who will fill his role from next term.
Liverpool goalkeeper Reina, who is currently out on loan with Napoli in Serie A, has been strongly linked with a return to his homeland, and has admitted he would welcome the opportunity to feature for Barca.
Chelsea shot-stopper Thibaut Courtois, who is currently spending a third season on loan with Atletico Madrid, has been praised by Barcelona president Sandro Rosell and is regarded as another possible replacement.
Busquets, who knows Reina from their time together with the national side, says he would welcome his fellow countryman to Camp Nou.
"He's a great goalkeeper," he told COPE Radio. "If he comes it would be fine."
But, for now, Busquets wants the Barcelona supporters to appreciate the outgoing Valdes as he brings the curtain down on his distinguished career with the club over the next few months.
He added: "We can only enjoy him until the end of the season."