The Spaniard is expected to join Napoli on a season-long loan next week.
"Financially it was something that we needed to look at," said Rodgers. "That would be the reason (to move Reina) as you wouldn't move on a top goalkeeper. It (the situation) reared its head over the last couple of months and I had to prepare by bringing in another keeper.
"Pepe is a good guy. I've a lot of time for him, and he understands what I want to do totally.
"He's got a big season ahead because it's a World Cup year and one where, if he wasn't going to be playing, could severely harm his chances of going."