Reina reckons Brendan Rodgers's side, currently seventh in the Premier League, have the potential to compete for a top-four berth in the near future, but will need the board to back the manager in the transfer market if they are to do so.
Quoted in several national newspapers, he said: "This year has been important for us in terms of getting to know what the manager wants and develop the ideas. Then we have to be ready for the very first game of next season to challenge.
"Obviously we will need some help from the board but I think the basis is well settled. We know the ideas and philosophies of the manager. It is getting better and better so hopefully we will be ready to compete."
The 30-year-old Spain international also stressed the importance of keeping Uruguay striker Luis Suarez - the Premier League's top scorer with 21 goals so far this season - at Anfield.
"Liverpool is very lucky to have Luis," Reina said. "Every day I am proud to say that I share a dressing room with such a big player. He is 100 per cent all the time. Obviously we will see what happens in the future. Everybody wants him to stay with the team.
"He can create the chances himself from nothing. He can be a killer in the box. But he can also provide assistance to the team and be involved all the time. He is not just a proper striker in the box. He looks to create but it is very important for any team to have that 25-plus goals-per-season striker."
The Merseyside club on Monday reported a £21.8 million increase in their debt - now £87.2 million overall - and a loss of £40.5 million in their annual accounts.