It looked, for all intents and purposes, that Reina would make that move permanent this summer, with the goalkeeper said to be ready to take a huge paycut in order for the deal to go through.
However, the Spaniard's agent has now confirmed that Reina will rejoin Liverpool next season.
"I know rumours are circulating about Reina’s future. But I can confirm that next season Pepe will play for Liverpool," Manuel Garcia Quillon told Tuttonapoli.it.
"Reina will respect his deal with the English side."
Should the 31-year-old move back to Anfield, it will likely impact the Reds' transfer activity, with Rodgers' side being linked with more than one in-form goalkeeper at the World Cup.
But a move for neither would make sense if Reina is to don the red shirt once again.
Simon Mignolet is Rodgers' preferred choice for no.1 but, in a campaign where Liverpool will challenge on four fronts, the option of bringing the Spaniard back to provide competition for the Belgian has clearly proved a tempting one for the Reds boss.
Reina's experience of Champions League football - and winning trophies - could prove vital at Anfield next season and would save Liverpool the £6.5 million fee they would have to pay for Navas, or a potential signing-on fee for Ochoa.
In effect, the Spaniard could become like a new signing for the Reds, reducing the need to bolster Liverpool's goalkeeping department and allowing the club to focus their transfer policy towards strengthening their back four.