The 37-year-old is expected to fill the void left by Tom Heaton, who suffered a season-ending knee injury in a 2-1 win at Burnley on New Year’s Day.
Reina will look to boost Aston Villa’s survival hopes with the club one point from safety after 22 games.
Villa boss Dean Smith said: “We’ve managed to secure a player in Pepe who has a wealth of Premier League experience.
“At the start of the summer we were looking for an experienced goalkeeper and brought in Tom Heaton.
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“Unfortunately, his injury has ruled him out for the rest of the season but Pepe fits our criteria not just because of his experience but also because of his leadership qualities.”
Reina, who watched on from the stands as Villa conceded six goals in a humiliating defeat to Man City on Sunday, spent eight years at Liverpool from 2005.