Fiorentina president Andrea Della Valle is hopeful that Chelsea target Juan Cuadrado will not leave in January.
Shaun Maloney has left Championship strugglers Wigan to join Major League Soccer side Chicago Fire.
The 19-year-old, a Republic of Ireland Under-21 international, made 19 first-team appearances for Lee Clark's side last season.
Reilly, raised in Birmingham, joined the Blues academy as a seven-year-old and made his first-team debut in the FA Cup win over Sheffield United in January 2012.
He scored his first senior goal at Huddersfield in January this year.