Reina, who spent last season on loan at Italian side Napoli, made 394 appearances for Liverpool since joining in 2005.
The 31-year-old Spaniard was signed from Villarreal and won the FA Cup during his time at Anfield but he fell out of favour with manager Brendan Rodgers and Belgian Simon Mignolet was Liverpool's first-choice keeper last season.
Reina will compete with Germany's World Cup-winning goalkeeper Manuel Neuer for the number one spot at the Allianz Arena next season.

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