The 30-year-old is under contract with the Viola until June 2013 but has been a reported target of the two Premier League heavyweights.
Frey said to Gazzetta dello Sport: "I have spoken to (Fiorentina president Diego) Della Valle. I will speak again with him after the holidays.
"In life, at times, you need new challenges and I cannot hide the fact that I need that.
"Perhaps finding new challenges doesn't necessarily mean leaving, it could also mean that I could stay provided the team is reinforced.
"Next season we will not play in Europe and that is why we need a strong team to be at the highest level in Serie A."
Fiorentina failed to replicate the form of the 2008-09 campaign where they finished fourth.
The Viola ended the season in 11th place, 20 points behind Sampdoria, who clinched the last Champions League qualifying spot.