Pepe Reina.

THE ASSOCIATED PRESS

Liverpool goalkeeper Pepe Reina has pledged to sign a new contract, while urging the financially troubled club to start spending heavily on new players.

After Liverpool finished second in the Premier League last season, Reina's team has failed to challenge for the title this year and is fifth in the standings.

Reina said Wednesday he wants the owners to "spend some more money in the market, maybe go toe-to-toe" with the likes of Chelsea in terms of spending.

But the Spain goalkeeper is ready to commit his future to Liverpool, saying he has verbally agreed a new contract with the club and expects to complete the formalities next month.

The 27-year-old Reina joined Liverpool from Villarreal in 2005.