Lukaku has already made it known that he wants to stay on loan from Chelsea at the Hawthorns for another season.
The Belgian scored his 10th goal of the season - all in the Barclays Premier League - during Monday's 2-0 away success over Liverpool.
Reid said: "Rom has been amazing, a lot better than I thought he would be.
"Chelsea decided to loan him out and decided not to recall him last month which we're happy about.
"Hopefully next season there will be a scenario where we can keep him for another year."
Reid added: "Chelsea tend to go with one upfront and they already have Fernando Torres and have signed Demba Ba.
"Maybe it wouldn't be a bad thing for them for Rom to get more games under his belt and, if so, hopefully he could do that with us.
"We saw just how good he can be against Liverpool. Rom tore them apart when the game became more open just like he did against them at our place (when West Brom won 3-0).
I picked him for my fantasy football team when I heard he was to spend he season at WBA, I must say he has been a bargain of the season. I fine, powerful player with and foot like a hammer and an eye for goal.- kernowpete