Peter Ramage and Owen Garvan are among five players who will not be offered new contracts by Crystal Palace at the end of the season.
Crystal Palace boss Alan Pardew reckons it is best for Yannick Bolasie to stay at Selhurst Park for another season.
The move would see the Spain international link up with former Anfield boss Rafa Benitez and his old Reds goalkeeper coach Xavi Valero.
Reina is expected to head for Italy in the next 24 hours to undergo a medical and complete his switch to last season's Serie A runners-up.
Liverpool recently signed Belgian stopper Simon Mignolet, which could spell the end of Reina's eight seasons on Merseyside.
Meanwhile, Reds skipper Stephen Gerrard makes his return to action for the team following a recent operation on his shoulder.
Gerrard will play against an Indonesian X1 in Jakarta this afternoon after missing Liverpool's last two matches of the season to have surgery.