"I am very happy with this contract. It was always my wish to sign a new deal because this is a good club which is looking forward to a very ambitious and attractive project," Reina told liverpoolfc.tv after putting pen to paper on the deal.
"The details of the contract were very straightforward. Rick Parry and the American owners made everything easy and in the end it was a good solution for the club and a good solution for me.
"I spoke with Rafa and his thoughts for the future really excited me. He has ambitions for the team which I want to be part of and I'm sure the other players feel the same. The idea now for all of us is to keep winning matches and to challenge for titles. That's what we'll be looking for from the start of next season.
"Our fans deserve the league title and that's what we'll be looking for. Seventeen years without winning it is far too long for this club and that's why our biggest target next year has to be the Premiership."
Reina also admitted the thought of playing in Liverpool's brand new stadium was an appealing prospect when deciding to pledge the next five years of his career to the Reds.
"It was definitely one of the reasons behind the decision," he said. "In an ideal world we'd stay at Anfield but we understand we have to move for a number of reasons. I just hope we can have the same atmosphere in the new stadium. I'm so excited at the thought of being part of it."