Gazza is currently training with Premiership strugglers Wolves in a bid to prove his fitness, but has been linked with a number of clubs ranging from Darlington to Scottish Third Division Gretna.
The 36-year-old has been without a club since a contract dispute with Chinese Second Division side Gansu Tianma.
Reynolds said: "I have found a way around it, but it is whether it would be acceptable to Paul.
"It will be a basic and then so much on the gate over so many. We would'nt be breaking any rules.
"The fans would love him here and it would fo the stadium good. We're trying to negotiate and it's not finished yet. I'd love to see him here."