The squaric acid PEGs are chemoselective towards the amino groups of Lysin in protein PEGylation whereas the guanidine function of Arginine, the hydroxyl group of Serine and the imidazole function of Histidine are not affected. The hydroxy group on one side of this PEG crosslinker is able to undergo esterification reactions with acids for reversible pegylation. It also enables further derivatization or replacement with other reactive functional groups.